Gov. Andrew Cuomo and Democrats in the state Assembly have reached an agreement on legislation that would cap annual property-tax increases at 2 percent. The Assembly plan, which Cuomo endorsed on an Albany radio program Tuesday morning, exempts pension payments that grow more than 2 percent a year. Another exemption allows school districts and local governments to exceed the 2 percent cap in the event of significant population growth. In addition, the deal maintains existing school-budget timelines and requires a 60-percent vote by district voters in order to override or exceed the 2 percent cap.
The state Senate, controlled by Republicans, had approved legislation that provided no exemptions to Cuomo’s proposed 2 percent cap. A spokesman for the senate leadership said the Assembly’s proposal would receive consideration.
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