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The tax cap law establishes a limit on the annual growth of property taxes levied by local governments and school districts to two percent or the rate of inflation, whichever is less. Who is subject to the tax cap?
For example: a municipality passes a budget requiring a total tax levy of $1,000,000, which includes $900,000 in property tax for the upcoming year, and $100,000 of omitted taxes. The tax roll should show $900,000 in tax levy for the upcoming year, and $100,000 in omitted taxes.
1 Αυγ 2024 · New York State's property tax cap. Guidelines for Implementation. Office of the State Comptroller: Real Property Tax Cap and Tax Cap Compliance. Questions regarding tax base growth factors may be directed by email to Kristen Forte. Factors for fiscal years beginning in 2025. County tax base growth factors; City and town tax base growth factors
Under this law, the total amount to be raised through property taxes charged on the municipality’s taxable assessed value of property is capped at 2 percent or the rate of inflation, whichever is less, with some exceptions. Local communities have the ability to override the cap.
Chapter 97 of the Laws of 2011 established a tax levy limit (generally referred to as the tax cap) that affects all local governments (including counties, cities, towns, villages and fire districts) and school districts in New York State except New York City and the “Big Five” dependent city school districts (New York City, Yonkers, Buffalo
With some exceptions, the State’s Property Tax Cap limits the amount local governments and most school districts can increase the tax levy (the total amount of property taxes billed) to the lower of two percent or the rate of inflation.
1 Μαρ 2022 · New York State Sales and Use Tax Rates by Jurisdiction - (Publication 718) - Effective March 1, 2022. Page last reviewed or updated: January 30, 2023.
