Protecting the Tax Cap

New Yorkers are saving billions of dollars a year under the 2011 state law capping annual growth in local property tax levies at 2 percent or the rate of inflation, whichever is less. But the long-term fate of the tax cap is hanging in the balance this year, because the tax cap is attached to a "temporary" but decades-old state law regulating rents in New York City, due to expire June 15.

It's high time the tax cap was enshrined in a permanent, stand-alone law.