Senate Passes Historic Property Tax Cap Legislation

June 30, 2011 – (RealEstateRama) — The New York State Senate today passed historic property tax relief legislation that enacts a cap on the growth of local property taxes. The bill (S.5856), sponsored by Senate Majority Leader Dean G. Skelos, will cap school and local government taxes to less than two percent or the Consumer Price Index (CPI), whichever is lower. Mandate relief is also included, with $127 million in savings to local governments, in addition to the creation of a Mandate Relief Council to identify and repeal unsound, unduly burdensome laws and regulations