State Comptroller Thomas DiNapoli has officially confirmed what federal inflation statistics were already telegraphing: New York's statutory cap on local school property tax levies will be just a hair above zero for 2016-17 school year budgets, which will be submitted for voter approval in May.
The starting point for computing next year's local property tax cap in most of New York State will be less than 1 percent—and so state Comptroller Thomas DiNapoli is warning local governments "brace for ... [lower] growth in property tax revenues."
DiNapoli's tone clearly implies that a lower tax cap is a negative. But most property owners will no doubt see it another way.
Don't look now, but given current inflation trends, next year's school property tax cap may be ... zero!
That's the message of a statement released last week by the Educational Conference Board (ECB), a coalition of groups representing public school administrators, school boards and—last but hardly least—the New York State United Teachers (NYSUT) labor union.
The ECB's "warning" was meant as an inside-the-Albany-bubble scare tactic, but for most New Yorkers, it's good news: further confirmation that the tax cap is working exactly as intended.
Almost three-fourths of New Yorkers agree that the property tax cap "has accomplished what was intended" and "should be continued," according to a Siena Research Institute poll released this morning. But support climbs even higher when respondents in New York City—which was not affected by the property tax cap law—are excluded.
Since the enactment of the property tax cap, New York school property taxes have risen at the slowest rate since at least 1982.
Per-pupil spending in the 669 school districts outside New York’s five largest cities will climb next year by 2.5 percent, nearly twice the projected inflation rate, according to an analysis released today by the Empire Center for Public Policy. The analysis indicates that school districts' per-pupil property tax levies will increase by 2.1 percent in 2015-16.
One of the best things about New York's newly adopted state budget for fiscal 2016 is something that's not in it (yet): a costly new state subsidy of homeowners' local property taxes.
Governor Cuomo's Executive Budget proposal included an income tax credit (of the type also known as a "circuit breaker") that, when fully implemented by 2019, would funnel $1.7 billion a year to about half of the state's homeowners, plus renters.
New York’s property tax cap has survived a legal challenge from the New York State United Teachers (NYSUT) for the second time in six months.
New York's local property tax cap would be made permanent under the Senate Republican version of a new state budget.
From the taxpayers' perspective, it's very encouraging to see the Senate make a high-profile move to line up on this issue beside Gov. Cuomo, who already has promised to seek the cap's permanent enactment.
Governor Andrew Cuomo's combined State of the State and budget message today included a promise to make permanent the historic property tax cap enacted at his initiative in 2011.
He didn't use the phrase himself, but the property tax credit unveiled yesterday by Governor Andrew Cuomo is of the type commonly known as a "circuit breaker." Like an electrical switch designed to automatically prevent a power overload, a circuit breaker tax credit is supposed to kick in when homeowners' property tax burdens overload their ability to pay.
Cuomo's proposal would not represent a property tax cut but a means-tested state personal income break -- available only to some homeowners, and not available to owners of commercial, industrial or multi-family properties, which pay a hefty share of local taxes.
New York continued to impose one of nation's highest state and local tax burdens relative to income during fiscal 2012, according to data released today by the US Census Bureau.