The New York Senate passed a school property tax cap in a special session on Friday and sent the bill to the Assembly where it faces an uphill battle. Gov. David Paterson recalled the Legislature to convene in a special session on Aug. 19 to find $600 million of savings and to consider the property tax cap. 

“Enacting a property tax cap is a good starting point, but it is only one piece of the puzzle,” Senate Majority Leader Dean Skelos, R-Rockville Center, said in a press release. “The measures we passed today in our special session will provide much-needed relief to taxpayers and is the beginning of the process of reducing property taxes.”

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.