A report released last week by the Empire Center on New York State Policy finds that some of the highest tax burdens in the state are borne by Upstate New Yorkers. The report looks at the effective tax rate — total tax payments as a percentage of the home’s full market value.
According to the report, the regions with the highest median effective tax rates are Western New York, the Finger Lakes and Central New York.
This is a big part of why we are urging the Governor and State Legislature to make the state’s real property tax cap permanent. The property tax cap, which was enacted in 2011, caps local tax levy increases at 2% or the rate of inflation, whichever is lower. The tax cap is set to expire next year, unless it is extended.