Mayor de Blasio calls proposed Manhattan property tax cap 'dangerous'

  • 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.

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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.