Tax levy increase capped at 0.12 percent
Matthew Hamilton is reporting at Capitol Confidential state Comptroller Tom DiNapoli’s office said Wed., Jan. 20, that the property tax levy increase for school districts will be capped at 0.12 percent this year. DiNapoli said in a statement, “The nearly zero growth in the tax cap will limit budget options for school and municipal officials as they plan for next year.” DiNapoli said that while some local governments have available reserve funds to bridge the gap in funding, others may have to cut spending to stay under the cap. DiNapoli’s office estimates that the state’s school districts will have roughly $308 million less in levy growth compared to what they had last year. The state Association of School Business Officials called on lawmakers to make changes to the tax cap law. The association suggested the tax cap be tied to a consistent two percent growth rate or the state provide aid that makes up for losses in local revenue. Read the full story at Capitol Confidential, a Times Union blog.