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Property-tax cap to get tighter
New York’s property-tax cap just got tighter.
Counties, towns and most cities across the state will face a 1.66 percent cap on increasing tax levies for the 2014 fiscal year, instead of 2 percent, according to new guidelines released by the state comptroller’s office.
Although the property-tax cap law limits increases to 2 percent, the cap adjusts annually with the consumer price index. Because the rate is running below 2 percent, so will the tax cap -- generally speaking.
The cap allows exemptions for some factors, including pension growth, which means that some municipalities might be able to go beyond the 1.66 percent threshold.
Municipalities can override the cap with a 60 percent supermajority vote.
The new figures will affect all municipalities whose fiscal year begins Jan. 1. This covers all county and town governments across New York, most cities (including Glen Cove and Long Beach) and a few villages (including Islandia).
The cap for school districts could be set in January; schools generally follow a July 1 to June 30 fiscal year.
Tags: tax cap