NY Gov. Cuomo will try to cap property taxes

Mr. Cuomo is proposing a limit on the total amount of property tax dollars that can be collected annually by a school district, municipality or special district by capping the increase in the local tax levy at 2 percent or the rate of inflation, whichever is less, according to his campaign literature. Schools traditionally receive the largest share of property taxes. Over all, the amount that New York’s schools have raised in property taxes — their tax levy — has climbed an average of 6.9 percent annually in the past decade, to a total of $29.1 billion in 2009, according to the state comptroller’s office.

Full Story: Cuomo Plans to Push for a Cap on Property Taxes [NYT]

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