From Assembly Speaker Sheldon Silver:
Provide a carryover provision of up to 1.5 percent from one year to the next of any amount in which the previous year’s levy was below that year’s limit;
Allow local governments and school districts to adjust the tax levy upward if there is physical or quantity growth in the property base;
Include a tax base growth factor to account for any increase in the full value of taxable real property; and
Exempt pension payments over two percent from the previous year and court orders and judgments that exceed five percent of the total levy from the previous year.
Praise from Partnership for New York City’s President, Kathryn Wylde:
“The property tax cap plan released today by the Assembly is very much in line with the plan developed by the Governor and adopted by the Senate, suggesting that there should be quick agreement on this key piece of the Governor’s fiscal responsibility agenda. The bill provides for a no nonsense cap with limited exceptions that are well within the framework of reform that the business community has been calling for.”
Update: Governor Cuomo, who has studiously avoided the national spot light – despite the speculation of his future plans – called the proposal “the best tax cap in the nation.”