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No NY budget agreement without permanent property tax cap

Gov. Andrew Cuomo will refuse to sign a state budget unless it includes a permanent property tax cap.

The ultimatum was presented at a press conference in Albany Monday. Cuomo, a Democrat, outlined his budget wish list and highlighted the need for a permanent cap. He repeated his criticisms of the federal tax law and the $10,000 cap on state and local tax deductions.

While he plans to campaign for a repeal of the state and local tax deduction limit, he is urging the state Legislature to make the property tax cap permanent.

The cap, Cuomo said, would “offer New Yorkers some stability in this environment.”

The tax cap is one of the governor’s signature legislative achievements. It limits property tax levy growth to 2 percent or the rate of inflation, whichever is less.

There is some urgency with the tax cap this year because it’s linked to New York City rent regulations, which expire in June. The tax cap is scheduled to expire next year.

Cuomo believes the tax cap has benefited property owners in New York. At his State of the State address in January, he said the average homeowner saved $3,200 since the cap’s implementation.

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