Tag: Property Tax

Budget deficits papered over with borrowed money and fiscal gimmicks. Unaffordable union contracts. Pension contributions “amortized” into the future. Retiree health benefits promised but unfunded. Corruption probes and whiffs of scandal. Accountability blurred, responsibility shirked, and hard decisions avoided again and again. That litany could describe any number of old, declining American cities—including a few that, like Detroit, actually went broke. But the same dysfunction exists in affluent corners of New York’s archetypal suburb: Long Island Read More

Long Island town officials are crying the blues over the budgetary squeeze supposedly created by the state’s property-tax cap. They’re not alone: You’ll hear much the same from town pols elsewhere in the metro region and across New York state. But the thrust of their complaints — that the tax cap is somehow blocking urgent public projects and programs — just won’t hold water. Read More

The starting point for computing next year's local property tax cap in most of New York State will be less than 1 percent—and so state Comptroller Thomas DiNapoli is warning local governments "brace for ... [lower] growth in property tax revenues." DiNapoli's tone clearly implies that a lower tax cap is a negative. But most property owners will no doubt see it another way. Read More

Gov. Andrew M. Cuomo and state legislative leaders would have you believe that they just approved "property tax cuts for homeowners," as described in their joint announcement of an end-of-session deal last week. Don't believe them. Read More

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