Gov. Cuomo signs tax cap law in Lynbrook

Gov. Andrew Cuomo came to the home of a Lynbrook family to sign New York’s first property tax cap on June 30 — six days after the State Senate approved the legislation that proponents say will usher in a new era of fiscal responsibility. Cuomo was joined by local officials, including Senate Majority Leader Dean Skelos, a Republican from Rockville Centre, Assemblyman Brian Curran and Nassau County Executive Ed Mangano.

“For decades, taxpayers across New York state have been burdened by back-breaking property taxes that have crippled businesses and families,” Cuomo said. “It is appropriate to sign this property tax cap [here], as millions of homeowners have had the deck stacked against them for too long. This tax cap is a critical step toward New York’s economic recovery, and will set our state on a path to prosperity.”

While many are welcoming the new law, school districts and local governments have been wary, warning that a tax cap may have unintended consequences and that without so-called mandate relief, it will be difficult, if not impossible, to put it into effect.

Taxpayers on Long Island pay the highest property taxes in the nation — a median bill of $8,478 per household. In comparison, the median U.S. property tax bill is $1,917, while in New York the median property tax bill is $3,755 — 79 percent above the national average.

Under the new law, property tax increases will be capped at 2 percent or the rate of inflation, whichever is smaller. With a 60 percent majority, local communities can override the cap on a school budget.

“This plan will put an end to sky-high property tax increases and will help our state get back on the right financial track,” said Mangano. “This is a great moment for Nassau County and for all of New York state.”

“Enacting a property tax cap was the single biggest accomplishment of this session for millions of homeowners and businesses that are sick and tired of paying the highest taxes in the nation,” said Skelos. “I applaud Governor Cuomo for joining us in making the property tax cap a priority and for his leadership in getting it done.”

Along with a statement praising the new law, Curran mentioned mandate relief. “We achieved $127 million in unfunded mandate relief in the 2011 legislative session,” he said. “Although more mandate relief is necessary for our school districts and local governments, the new property tax cap is a great accomplishment. and sets New York on a path to economic growth and future prosperity.”

Tom Steinert and Mary Malloy contributed to this story. Comments about it? RVCeditor@liherald.com or (516) 569-4000 ext. 208.