Assemblyman Stirpe (D-Cicero) announced the passage of legislation that will extend the property tax cap for four more years and provide tax rebates to homeowners in upstate communities (A.8323).

“For too long, high property taxes have made it increasingly difficult for families to make ends meet,” said Assemblyman Stirpe. “This bill will allow New Yorkers to keep more of their hard-earned money, attract businesses to our area and strengthen our communities.”

First implemented in 2012, the property tax cap restricts the amount local governments and school districts can raise their property tax rate annually to no more than 2 percent or the rate of inflation, whichever is less. The legislation passed today will extend that cap for four more years. Additionally, reforms to the tax cap will allow school districts and local governments to take capital expenses for BOCES programs and payments in lieu of taxes (PILOTs) into account, affording them a more accurate reflection of their total expenses.

This legislation also provides $3.1 billion in property tax rebates to upstate homeowners over a four year period. Onondaga County homeowners with a household income of less than $275,000 who are enrolled in the STAR (School Tax Relief) program will be eligible for the rebate, if the municipality and school districts they live in stay within the property tax cap. In 2016, families will receive a $185 refund. After the first year, the rebate will be calculated as a percentage of a homeowner’s savings under the STAR program, with lower incomes receiving a larger percentage.

“The success of any community is dependent on the economic security of its residents,” said Assemblyman Stirpe. “This legislation helps to ease the property tax burden on local homeowners by delivering real relief to those that need it most.”