WGXC-90.7 FM

DiNapoli caps tax levy increases at two percent

Jan 14, 2022 5:30 am

Nick Reisman is reporting for State of Politics that New York Comptroller Tom DiNapoli announced January 12, that property tax increases at the school district level will be capped at two percent this year as inflation has increased over the last year. The move will impact 676 school districts and 10 cities with fiscal years that began July 1. The cap limits the amount a municipality or school district can raise its property tax levy. The amount the cap is raised or lowered is largely tied to inflation. This is the first time the cap has been set at two percent since 2019 after a decade of largely flat inflation. “School district and municipal officials must remain fiscally cautious to stay under the cap as they prepare their budgets,” DiNapoli said. “Even with significant funding from the state and federal governments, school and local communities are faced with the rapid increase in inflation, pandemic surge, and trying to retain and recruit employees.” School boards can override the cap if 60 percent of voters approve a budget that includes a higher tax levy increase. Read the full story at nystateofpolitics [dot] com.