Question of the Day: NY Property Tax Cap?

A proposed property tax cap for New Yorkers is expected to reach the floor of the state Senate and Assembly Wednesday as reports say legislators and Gov. Andrew Cuomo have already reached a tentative agreement on the issue.

The property tax measure would cap annual increases in local property taxes at 2 percent a year or the rate of inflation, whichever is lower. If school districts wish to suspend the cap for one year they could do by putting it to a vote. They would need at least 60 percent of respondents to support it. 

The cap is expected to help homeowners in areas with high property taxes, including Long Island, although school officials in both Malverne and West Hempstead have expressed concerns with the toll it might take on funding public education, especially if the state does not provide significant relief from unfunded mandates.

In today's Question of the Day, we want to hear what you have to say about this proposal.

Do you think the tax cap is a good idea?

Leave your thoughts in the comments section below.