Business Leaders On Board With State’s Permanent Property Tax Cap

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ROCHESTER, NY (WXXI) – Top business organizations in New York are supporting Gov. Andrew Cuomo’s proposal to make the 2% property tax cap permanent.

Speaking at an event in Albany on Monday, Rochester Chamber President Bob Duffy said the cap, first enacted in 2011, has been a “huge boon” for homeowners and businesses in upstate New York, where families in the Rochester and Finger Lakes region still need relief from some of the highest property taxes per capita in the nation.

Bob Duffy and other business leaders join Gov. Cuomo in Albany to announce support for a permanent property tax capCREDIT GREATERROCHESTERCHAMBER.COM

“Over the years in our area, sometimes children are willed a house from their parents.  They can’t afford to keep it because they can’t afford the property taxes,” he said.

Since enacting the cap eight years ago, Duffy says New York property owners have saved billions.

“Since 2011, state taxpayers have saved approximately $24.5 billion, with a B,” he said. “[In the] Finger Lakes area, where I live, about $2 billion.”

Duffy said those who complain about high taxes in New York should not refuse to support the property tax cap.

The New York State United Teachers union is among the groups opposed to the cap, saying it puts limits on the ability of school districts, especially the poorest ones, to raise funds.