FARMINGDALE - A proposed 2-percent property tax cap being hammered out by New York lawmakers might include loopholes that would result in increases.
The bill would limit increases in property taxes to 2 percent a year or the rate of inflation, whichever is lower. Pension payments that grow more than 2 percent from the previous year would be exempt from the cap.
A so-called carry-over provision would allow school districts and local governments to go above the cap only if they were below it the year before.
School districts and governments would also be allowed to pierce the cap if there was growth in jobs and businesses in a community requiring more services. NY Assembly proposes its property tax cap bill