Albany’s Common Council is considering overriding the New York State property tax cap.
Common Councilmember Meghan Keegan, who chairs the council’s finance committee, said overriding Albany’s property tax cap isn’t a done deal. But, it may be the only way to keep the city financially stable in the face of ballooning costs and declining revenues, caused in part by years of efforts to keep taxes low for residents.
“Labor costs were still rising,” Keegan said. “Taxes only went up about 5.25 percent, but our salary expenses and healthcare expenses went up by almost 20 percent, and that’s not that’s not a right size way to function fiscally as a city.”…