Prometheus 6

Property Taxes ’08

New York’s homeowners can’t be blamed for wanting relief from today’s heart-stopping property-tax bills. But a new call to cap property taxes for schools is an election-year gimmick that will do far more damage than good. Gov. David Paterson, who endorsed the idea on Tuesday, should take a deep breath and then call for a broader look at ways to make taxes fairer and the state’s contributions to schools more equitable.

The proposal would allow local property taxes for schools — usually about 60 percent of the bill — to increase at no more than 4 percent each year outside of the cities. To go over that cap, at least 55 percent of local voters would have to approve it. But as communities in California and Massachusetts have learned the hard way, a tax cap is a dangerously blunt instrument.