Year two of New York’s tax “cap” law: Still not 2 percent
In June 2011, New York state leaders responded to calls for property tax relief by enacting a law that placed new restrictions on how school districts (and municipalities) may increase their tax levies. Although often referred to as a “2 percent tax cap,” the law does not, in fact, restrict any proposed tax levy increase to 2 percent. It does, however, require at least 60 percent voter approval for a school budget if the proposed levy increase exceeds a certain amount. That amount, called the “tax levy limit,” is calculated by each district according to a complex formula outlined in the law, and varies by district.
Based on the state formula, Cazenovia’s limit for this year’s budget was a 1.6 percent increase, and for the 2013-14 budget is a 4.93 percent increase in the tax levy.
To learn more about how the tax “cap” law works, watch a video produced by the Superintendents’ Legislative Committee, by clicking on the image below.
Interested in reading more about the tax “cap”?
To learn more about how the tax “cap” law works, watch a video produced by the Superintendents’ Legislative Committee, by clicking on the image below.
Interested in reading more about the tax “cap”?