New York Lawmakers Agree on Permanent Property Tax Cap (1)

New York state lawmakers are poised to make a 2 percent cap on property taxes permanent under a deal reached March 31—part of the state’s $175.5 billion budget.

The cap, signed into law in 2011, limits the growth on local property taxes to 2 percent or the rate of inflation, whichever is lower. Overriding the cap requires a supermajority vote of at least 60 percent. The cap doesn’t apply to New York City.

The Senate passed the bill, which now awaits a vote in the state Assembly.

The legislation remains a signature achievement for Gov. Andrew Cuomo (D), and has ...