New York Governor David Paterson recently signed into law legislation that is designed to alleviate the financial strain on Staten Island and Brooklyn homeowners, who have been continually hit with real estate-tax increases.

The bill (A8895), which was sponsored by Assemblywoman Janele Hyer-Spencer, limits increases in property taxes for owners of one- to three-family houses, condominiums, co-ops and rental apartment buildings in New York City. The method is freezing a key ratio that is used by the State Board of Real Property Services (SBRPS) to calculate tax rates for residential property within the state. The bill takes effect immediately.

The legislation, the assemblywoman said, is key to protecting the middle class, which has been hard-hit by the country’s economic downturn. With the city looking to property owners to help fill its coffers, it is especially urgent, Hyer-Spencer said, to make sure that local residents are not put under undue financial pressure.

“We must ensure that local residents are able to weather the fiscal storm,” she stressed. “Helping them keep more of their hard-earned money is vitally important, more so today than ever.”

It is estimated that owners of single-family homes will save $177 because of the new law, which affects taxes for 2010. Co-op owners, it is estimated, will save an average of $167. In addition, the owners of smaller rental buildings are estimated to save approximately $91 per unit.

Had the state not passed legislation to cap the property tax percentage for homeowners, the city would have been required to adopt increases set by SBRPS, which would have resulted in a 6.9 percent increase in real estate taxes for one- through three-family homes, and a 4.8 percent increase in real estate taxes for co-ops, condos and rental apartment buildings.

“Local residents are suffering enough economic pain,” Assemblywoman Hyer-Spencer noted. “I was happy to be able to help protect them from additional financial strain.”

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