Property tax increases are caped at no higher than 2% per year…..
Gov. Cuomo and the Legislature reached a deal on a $175.5 billion state budget early Sunday, after overcoming a last-minute disagreement about a campaign finance reform plan.
The bill authorizes the MTA’s congestion funding program, which will require motorists in Manhattan to pay a toll whenever they enter Manhattan south of 60th Street. The money will go toward the MTA’s capital spending program. The earliest congestion pricing will begin in Dec. 31, 2020.
The budget also calls for a mansion tax on sales of properties valued at $25 million or more that will also be dedicated to the MTA.
The bill also eliminates cash bail for misdemeanors and non-violent felonies and toughens rules barring prosecutors from withholding evidence before trials.
State spending will increase 2% under the plan, and school aid will increase by 3.8%.
In a statement, Gov. Cuomo called the budget “fiscally responsible,” and said it would “protect New York from the federal government’s ongoing economic assault on our state.”
Senate Majority Leader Andrea Stewart-Cousins (D-Yonkers) called the bill “a responsible, effective, and on-time state budget.”
“This budget delivers on our promise to develop sustainable funding for the MTA and addresses critical transportation needs throughout the state,” said Assembly Speaker Carl Heastie (D-Bronx).
Lawmakers are expected to start voting on the series of bills making up the $175 billion dollar spending plan Sunday morning.
Among the other highlights in the proposed budget, which will must receive final approval by Monday:
— Property tax increases are permanently capped at 2% per year…..