Tag: Property Tax Cap

The property tax cap for New York counties, towns and villages with fiscal years starting January 1, 2015 will start at 1.56 percent, slightly lower than last year's starting rate of 1.66 percent. The cap in each locality will vary based on the amount of applicable allowable exclusions for growth in local property values. Localities also will be able to exclude the amount by which the change in pension contributions exceeds two percentage points Read More

Twenty-four school districts sought to override the state’s property tax levy cap in yesterday’s school budget votes. Nine districts, or 38 percent of those attempting, failed to garner the 60 percent supermajority vote needed to pass an override. The vast majority of school districts held their proposed tax levies below the statewide average of about 2.1 percent, including allowances for voter-approved capital spending, property taxes generated by new construction, and other factors. On a per-pupil basis, as detailed in the Empire Center’s annual School Budget Spotlight, the average proposed tax levy hike came to 2.6 percent. Spending growth in proposed budgets was 3.2 percent per pupil, one and a half times the inflation rate. Read More

Opponents of Governor Cuomo’s 2 percent property tax cap were able to stick one major exclusion into the legislation before it passed in 2011: a provision excluding a portion of local government and school employee pensions from the total allowable “levy limit” in years when taxpayer-funded employer contributions rise by more than two percentage points of salaries. Read More

Based on inflation trends through the first 11 months of 2013, it looks like the starting point for property tax levy caps affecting 2014-15 school budgets across New York will be lower than 2 percent. Read More

While New York State’s new property tax cap has a starting point of 2 percent (or the prior year’s average inflation rate, whichever is less), it will vary from school district to school district based on a series of exclusions for capital expenditures, increases in pension costs, and physical additions to the district tax base... Read More

Assemblyman Harvey Weisenberg (D-Long Beach) has just introduced a bill (A.10676) that would exclude court-ordered tax certiorari refund payments from Nassau County school district tax levy limits under the state’s property tax cap. It’s the same measure introduced in the Senate a month ago by Sen. Jack Martins (R-Mineola). Read More

Reflecting the drop in overall inflation over the past year, the state-imposed cap on property taxes will be 1.66 percent for counties, cities, towns and villages with fiscal years that start Jan. 1, state Comptroller Thomas DiNapoli’s office has informed local officials. Read More

It’s no surprise that some New York’s local governments are choosing to override the state’s new property tax cap. The real news is that the vast majority — so far — apparently are managing to live within it. Read More