New York Municipalities Plan on Complying with New Tax Cap
According to the New York State Comptroller’s Office, almost all county, town, and city governments have submitted their fiscal plans for the upcoming year, and about 80 percent of them will be staying under the state’s new property tax cap.
The new tax cap prevents local governments and school districts from levying tax increases greater than 2 percent or the rate of inflation, whichever is less. However, the cap also contains an override provision, which allows a municipality to override the tax cap with approval of 60 percent of the governing board (for local governments and fire districts), or 60 percent voter approval (for school districts). Currently, 19 percent of local governments plan to override the tax cap.
You can read the full article, reported by the Rochester Democrat and Chronicle, here.