REALTORS spent the day urging their legislators to approve a two-percent property tax cap, along with directing their attention to other REALTOR legislative priorities. REALTORS were encouraged by Lt. Governor Robert Duffy and Assemblyman Joe Morrelle to continue their support of a two-percent property tax cap.

Later in the afternoon, NYSAR President Nick Gigante and NYSAR CEO Duncan MacKenzie participated in a press conference where Gov. Andrew Cuomo announced he and legislative leaders had reached a deal on the tax cap.

The agreement creates limited exemptions for burgeoning pension costs and also put an expiration date on the cap, linking it to the expiration for rent regulations for New York City and its suburbs.

"Today, an important promise to bring relief to New York State's beleaguered homeowners and businesses is a giant step closer to being kept by Gov. Andrew Cuomo and state lawmakers," said NYSAR Chief Executive Officer Duncan MacKenzie. "The agreement on an effective property tax cap announced this afternoon gives us all hope that we are at the doorstep of a better, stronger New York."

To read the entire statement, click here.

For more information on the tax cap agreement, click here.