Earlier this year, the NY Legislature approved a property tax freeze as part of the 2015 State Budget, resulting in changes to several laws including the General Municipal Law, Real Property Tax Law, and the Tax Law. In brief, the property tax freeze targets taxes on the primary residences of home-owners with a STAR exemption located in municipalities where local governments and school districts have approved budgets that do not exceed the property tax cap (the “Tax Cap”). This freeze becomes effective for school districts starting with the 2014-15 school year, and for municipalities and special districts in fiscal years >>More