; Measure Will Benefit New Yorkers; Cuomo Must Veto Pension Borrowing
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Summary
New York stepped off the path of decline on Friday, when the State Legislature approved a property tax cap that will help upstate staunch its long-term hemorrhage of jobs and population. It's a change that comes with undeniable risks, but they are risks that are necessary following decades of irresponsible governance from Albany.
The deal caps property tax increases at 2 percent or the inflation rate, whichever is lower, while exempting some costs, such as growth in employee pensions. It is scheduled to last for five years, but is tied to renewal of New York City rent controls, which should ensure its continuation but, we hope, won't prevent its revisions, if needed.See the full content of this document
Extract
; Measure Will Benefit New Yorkers; Cuomo Must Veto Pension Borrowing
The legislation caps the overall amount of revenue that localities, including school districts, can raise through property taxes. The qu...
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