In 2011, Governor Cuomo tackled the State's high property taxes by enacting a 2% property tax cap and the results have been extraordinary. The tax cap has kept local levies in check, and in total, local taxpayers have saved more than $24.4 billion.
Now the Governor has launched a Tax Fairness for the Middle Class Campaign to make the property tax cap permanent and cut middle class taxes.
In 2011, Governor Cuomo vowed to bring property taxes under control once and for all. After years of trying to cap property taxes, New York passed the first ever 2% property tax cap. Since the implementation of the tax cap in 2012, local property tax growth has averaged 1.9%, compared to 5.3% average growth from 2000 to 2010, and the tax cap has produced $24.4 billion in taxpayer savings statewide. The property tax cap changed long-term trends and the trajectory of the state.
Middle Class Tax Cuts
As part of the campaign, the Governor remains committed to the phase-in of his historic middle class tax cuts. Under these reforms, middle class tax rates will drop to 5.5 percent and 6 percent, depending on income, when the cuts are fully phased in - an up to 20 percent cut in income tax rates for the middle class - and produce a projected $4.2 billion in annual savings for six million filers by 2025. As the new rates phase in, they will be the State's lowest middle-class tax rates in more than 70 years.
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