WASHINGTON — A new tax on high-end properties would increase the number of New York State families whose taxes would rise by more than $2,000, according to a House committee hearing Monday.
The Assembly Budget Committee voted 7-1 to increase the state’s property tax rate by $3,000 a year starting in 2019.
The state’s tax code already has a $2.2 billion increase each year.
New York State already has the highest property tax in the country.
The city of Albany currently has a property tax of $10,971 per year.
A new state property tax would increase taxes on the top 0.5 percent of the nation’s wealthiest families, the highest in the nation, according the Tax Foundation.
The average property tax for the nation was $5,907 in 2015.
The increase would increase property taxes by $2 billion in 2019 and $2 million in 2020.
The $2 in 2019 would be enough to offset the $3 billion increase in the next two years, the report said.
The new tax would be levied on high incomes and in areas where income is growing fast.
The levy would raise more than twice as much as the current state property taxes on high income earners, according a Tax Foundation analysis of the legislation.
The Senate Finance Committee voted 10-3 to extend the increase until 2019.
The tax increase would apply to the top 10 percent of New Yorkers, according state law.