• Lawmakers proposed an exchange: restore Medicaid cuts for a cap on property tax assessment growth. But de Blasio disagreed, citing possible limitations on NYC developments.
  • Property tax caps are used throughout New York state, with New York City being the only exception.
  • In 2012, New York had the highest state and local tax burden in the nation, further pressing the reason behind the tax cap laws.
  • The Real Estate Board of New York stood behind the NYC property tax cap proposal after Tuesday’s hearing.

Luxury Connect
Meet the Luxury Leaders | October 19-20 | Beverly Hills

What began as a budget hearing on affordable housing turned into a heated, lengthy debate on Manhattan property taxes and beyond for Mayor Bill de Blasio and Senate Republicans last week.During the legislative hearing, lawmakers proposed an exchange: restore Medicaid cuts for a cap on property tax assessment growth. But de Blasio disagreed, citing possible limitations on New York City developments due to lack of resources.“Anything that would artificially limit our ability to gather resources would undermine all of our efforts,” de Blasio said to Senate members.“The city's property-tax system is seriously flawed. An improved system...would promote the creation and maintenance of rental housing," said REBNY President John H. Banks III.Property tax caps are used th...