Cuomo Pushing For Permanent Tax Cap [POLL]

Tax caps have made a difference to homeowners in every region in New York State. That is what the Rockefeller Institute of Government found in a study: the tax cap effectively reduced school tax increases from 6.6 percent pre-Great Recession to 1.9 percent in recent years.

The institute also studied the effect of tax caps on property taxes and found a similar reduction.

According to the state comptroller, the tax cap law establishes a limit on the annual growth of property taxes levied by local governments and school districts to 2 percent or the rate of inflation, whichever is less.

In the Mid-Hudson region property tax increases went down from almost 8 percent in 2004-2007 to 1.88 percent in the years 2012-2018.

Long Island's property tax increases also went down: from 6.82 percent to 1.96 percent over the same time periods, according to the Rockefeller Institute of Government.

That sounds like a good thing, unless the reduction in the ability of municipalities to create revenue is hampered.

Tax caps have resulted in states, like New York, cutting aid to cities and towns, forcing them to become more reliant on sales taxes and fees, which, in turn, disproportionately hurt people of color and the poor, governing.com said.

So should the state make property tax caps permanent? Gov. Andrew Cuomo thinks so and is calling on the state legislature to make them permanent or he will not sign off on the budget for 2019-20.

Cuomo brought his "No Tax Cap - No Deal" campaign to the Hudson Valley this week.

In his speech in Peekskill, Cuomo said the biggest drain on New Yorkers is property taxes, and since the tax cap was enacted six years ago, taxpayers have saved $25 billion.

The governor also said he wants to lower state income tax rates for the middle class: from 6.8 percent for those making up to $300,000 per year to 5.5 percent for those making up to $150,000 and 6 percent for those making $150,000 to $300,000.

He said the combination of a permanent tax cap and lower income tax will help reduce economic anxiety for state residents.

"So New York is working with you to get through this situation, and New York is the place you want to be, and the place that you want to stick with," Cuomo said. "That will I think make the situation in New York much stronger."

Do you agree? Here is your chance to weigh in on the issue. Vote in our unscientific poll and tell us what you think in the comments.