"Symbolic" PROPERTY TAX CAP

New York legislators are close to a deal for a 2% cap on property tax increases. There’s just one catch: property tax bills will likely go up beyond the advertised 2 percent cap because the proposal would allow local governments and school districts to ignore the cap if, their pension costs increase by more than 2 percent — which has happened with regularity in New York in recent years. Syracuse expects its pension costs to jump 42 percent in the 2011-12 fiscal year, to $28 million. Facing that kind of skyrocketing expense, the 2 percent cap may be a mirage. “Unless you address those cost factors, the property tax cap is really just a symbolic, at most, gesture,” said Syracuse Mayor Stephanie Miner. BUT - at least it's a STEP IN THE RIGHT DIRECTION.... Bravo to MAGEE & VALESKY for their Support of the CAP.