New York Governor Andrew Cuomo touts himself as a tax cutter, often citing the property tax cap he signed into law shortly after he took office. The thing is, the law has so many loopholes the tax cap can be overridden, so really there is no cap. Just look at the town of East Syracuse. Residents there are facing a whopping 22% property tax increase. That’s right – 22%! Oh, and even though they tell us the cap is 2%, it’s really over 4%. You’ll never guess why:
New York state’s 2 percent property tax cap is actually closer to 4.6 percent statewide for school districts because they can exclude from the cap some of their increases in employee pension payments, according to a report by the Empire Center in Albany.
If it weren’t for the pension payment exclusion, the report says, the average tax cap for school districts would be 2.7 percent — about the same as last year’s 3 percent statewide average.