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For the second year in a row, property tax levy growth for school districts will be capped at 2 percent, according to data released by New York State Comptroller Thomas P. DiNapoli. This 2 percent cap affects the tax cap calculations for 676 school districts as well as 10 cities with fiscal years starting July 1, including the “Big Four” cities of Buffalo, Rochester, Syracuse and Yonkers.
The tax cap, which first applied to local governments and school districts in 2012, limits annual tax levy increases to the lesser of the rate of inflation or 2 percent with certain exceptions, including a provision that allows school districts to override the cap with 60 percent voter approval of their budget.
For the list of allowable tax levy growth factors for all local governments, visit: http://www.osc.state.ny.us/localgov/realprop/pdf/inflation_allowablegrowthfactors.pdf.
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