Most New York school districts are proposing to hold their per-pupil tax levies within the levels permitted by a new statewide property tax cap, and the average proposed per-pupil spending increase is at or below the projected inflation rate in six out of nine regions of the state, according to an analysis issued today by the Empire Center for Public Policy. Read More
Tag: Property Tax Cap
In the second year of New York State’s property tax cap, proposed school district budgets will be subject to an average tax levy limit of 4.6 percent—more than double the statutory base cap of 2 percent and well above the 3 percent average limit for school budget proposals last year, according to data from the state comptroller’s office. Read More
The state Department of Taxation and Finance has issued "" of New York's new tax cap. In addition, on a , the agency has posted its first-ever annual estimates of growth in assessed property value due to new construction for all New York counties a Read More
The St. Lawrence County Board of Legislators is holding a on a proposal to override the state's new property tax cap as part of the county's budget. Although the tentative 2012 county budget is not due until Nov. 15, l suggest county officials are g Read More
A important breakthrough on the property tax cap issue came last week when Assembly Speaker Sheldon Silver introduced a bill that conforms in key respects to Governor Andrew Cuomo's original proposal. Read More
New Jersey imposed a 4 percent cap on local property tax increases a year before Governor David Paterson endorsed the Suozzi Commission's call for a school property tax cap in New York. But unlike Paterson's original proposal, the cap signed into law by New Jersey Governor Jon Corzine in 2007 contained a number of loopholes, including a clause exempting the cost of health insurance benefits. Read More
If the Republican leaders of the newly reconstituted state Senate majority really intend to press for property tax relief before the end of session, they should start by reviving the school property tax cap. But they should ignore the latest version of the tax cap sent up to the Legislature by Governor David Paterson. The governor's new program bill includes a gigantic carve-out for teacher retirement costs, which over the next few years will be skyrocketing. Read More