Question of the Day: How Do You Feel About the Tax Cap?

The New York State Legislature passed a cap on property taxes on Friday that limits any increase to a maximum of 2 percent or the inflation rate, whichever is lower. The bill will take effect in the 2012 fiscal year for local governments and in the 2012-13 school budget year for districts statewide.

The  two percent cap could be exceeded for school districts with a 60 percent approval from a public vote, or by local governments with a 60 percent  approval vote from the governing body.

The bills supporters say the tax cap will keep New York's already substantial property taxes from rising far higher, and keeping spending to a managable level. However, claim that the cap will force local governments to limit some public services and that schools will suffer deep cuts from a lack of funds. 

What do you think?