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Friday, June 24, 2011

Property Tax Cap...A tax cap breach in the works?

Special Alert! Dated June 24, 2011

From The TORCH:
The New York State Assembly this evening followed the Senate’ lead in passing a teacher pension bonding option that would undermine a property tax cap while generating more risk for taxpayers — but a leading State Capitol reporter has tweeted that Governor Cuomo’s “quick comment” on the bill suggests “strong opposition.” Cuomo certainly should be opposed.
An egregious fiscal abuse on its own terms, the bill (S.4067-A) would allow school districts across the state (except for New York City) to issue 15-year bonds to cover a portion of their rising teacher pension costs over the next several years - at least $1 billion in all, by one estimate...

For the full post, click here.

According to the NY Post in a June 25, 2011 article by E.J. McMahon, a senior fellow at the Manhattan Institute's Empire Center for New York State Policy:
The passage of a 2 percent cap on local property-tax growth in New York should have been the crowning achievement of Gov. Cuomo's first legislative session -- complementing an austere budget to set a more fiscally responsible tone for the Empire State.

But even before the tax cap finally came to a vote in Albany yesterday, the Legislature was making a mockery of the governor's objectives. Lawmakers approved a bill that would allow school districts to borrow money to cover a portion of their growing teacher-retirement costs -- the same costs that will be partially excluded from the tax cap, under a concession Cuomo made last month to secure the support of Assembly Speaker Sheldon Silver.
Read more of Mr. McMahon's article: Stabbed in the Back

And, according to the Americans for Prosperity New York Chapter facebook page:
The Senate and the Assembly have proven they are not serious about mandate reform and property tax relief by passing the Pension Borrowing Bond bill. Now we will have to see how serious the Governor is. Will he veto the bill? Call Gov. Cuomo at (518) 474-8390 and tell him to VETO S.4067A!


Anonymous said...

And, why is it with all this emphasis on public employee pensions that no one is asking why they get to draw those pensions state tax free? Perhaps, because those who would have to pass a change to the tax code to correct this would have to subject themselves to the tax, too? That small change could go a long way toward closing the budget gap. And it would require no long negotiations with unions. Their pensions wouldn't change. they'd just pay state tax on the income from them -- like the rest of do.

Anonymous said...

Who got paid off for letting Aldi's move in behind J-Kay???? Hasn't J-K made enough off that property??? To let this business move into this spot (when we have lots of other space they could have located) is bizarre.....the corner that has the most accidents makes no sense at all. SHAME on the Board for this decision!!! Seems NO one has any common sense anymore.