The stock market collapse of 2008 decimated public pension fund investments, and municipalities are now being asked for greater contributions to make up for the losses. The impact has been drastic: Three percent of New York property tax collections were used to pay pension costs in 2001; by 2015, pension costs are expected to eat up 35 percent of property tax collections.
Deficits Push N.Y. Cities and Counties to Desperation
By DANNY HAKIM
Published: March 10, 2012

Earlier this month, we established the fact that 4 is not 2.

35 is also not 2.

AND SEE:
School mills, revaluation, etc.