NY Democrats Nix Cuomo's Property Tax Freeze Plan

Law360, New York (March 11, 2014, 3:47 PM EDT) -- New York's Assembly Democrats shot down Gov. Andrew Cuomo's property tax freeze proposal Tuesday, saying they prefer another one of his proposals that would tie property tax rates throughout the state to household income.

Speaker Sheldon Silver, D-Manhattan, said Cuomo's desire to institute a two-year freeze on property tax rates outside of New York City would leave Manhattan residents out in the cold, and Cuomo's so-called “circuit breaker” approach, which caps liabilities for families depending upon their economic circumstances, made more sense.

“Everybody needs property tax...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.