Cuomo’s tax cap faces opposition

January 24, 2011 11:57AM

Once a popular initiative among homeowners and tax protest groups, Governor Andrew Cuomo’s property tax cap program is now drawing ire, according to the New York Times. The proposal, which Cuomo has not yet formally submitted, would limit the annual growth of property taxes at 2 percent or the rate of inflation, whichever is lower. But while many fiscal conservatives once supported the plan, opposition is growing, and some say that the resulting deficit from the cap would have to be covered through unexpected fees. Susan Zimet, a legislator in Ulster Count in the Hudson Valley region, said that the plan would not yield the kind of tax reduction some homeowners have hoped for. “Most property tax reform groups that have been studying the issue for a long time understand that a tax cap is smoke and mirrors,” Zimet said. “It’s making people believe their taxes will go down. It’s setting them up to be incredibly disappointed when they get their tax bill.” [NYT]