Question of the Day: Tax Cap Passes

Question: How do you feel about two percent tax cap passing?

Tell us in comments.

While the  was the main legislation discussed Friday night, state lawmakers announced passage of a bill that caps property taxes at two percent.

Under the cap, which would go into effect for fiscal years in 2012, local governments and school districts cannot raise their annual property tax levies by more than two percent or the rate of inflation, which ever is lower. There will be some exceptions in which the cap can be exceeded. They include accounting for annual average employee pension contribution increases of more than two percent, in the event of legal judgements in which the amount is more than five percent of the tax levy, and with certain changes to the property tax base.

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