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.
- 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.