Paterson proposes cap on property taxes
Gov. David Paterson is calling on state lawmakers to include a cap on state property taxes in their 2010-2011 budget plan.
The governor's proposal would limit total property tax increases to 4 percent a year or 120 percent of the consumer price index, depending on what's lower.
Paterson has already proposed massive cuts to school aid in an effort to close a $9.2 billion deficit, and many local residents are worried the cap could make that situation worse. Others say they need relief from rising taxes and will support the plan.
Lawmakers will release the state budget plan on Thursday. The Senate is largely in favor of the cap, while the Assembly is not.