How About Paying 4 Times More In Ny Property Taxes

12.08.10 | Sarah Harnisch

 The amount you pay in taxes to New York's pension program will jump by four times in the next 5 years. That's what a new report by the conservative center for New York State policy found Tuesday. The report predicts in the next half decade, school district's contributions to the New York State Teacher's Retirement System could more then quadruple, rising from about 900 million dollars to 4.6 billion dollars. It would be the equivalent-- for you-- of a 3.5 percent property tax increase every year for the next five years. The Empire Center has been pushing for reforms of the pension system for years, trying to move employees into a 401k system instead.