Property tax cap would elude NYC

Under Governor David Paterson’s bill, a proposed property tax cap would not apply to New York City, Rochester, Buffalo, Syracuse, and Yonkers. The Republican-led Senate has agreed to pass the bill when it returns to Albany for a special session. The bill would bar school districts from hiking taxes more than 4 percent per year, or 120 percent of inflation. Property taxes have grown by an average of 6 percent a year over the past decade.