The New York State Legislature approved a cap on property taxes in a flurry of legislation on Friday night that limits any increase to 2 percent, or the inflation rate, whichever is lower. The law will take effect in the 2012 fiscal year for local government, and the 2012-2013 school year for the Hauppauge School District.
School districts can get around the property tax cap by putting their budgets up for a vote, and receiving more than 60 percent approval from district residents. Hauppauge voters approved a 3.46 percent tax levy for the 2011-2012 school year by 61 percent.
Supporters of the law have stated more is needed to protect local tax payers, especially with the high cost of living on Long Island. Dissenters fear the property tax cap could severely hamper local government and school districts' ability to make ends meet.
Our Question of the Day asks: How do you feel about the property tax cap?
Tell us your opinion in the comments below.