The New York State Comptroller’s office has announced that the property tax levy growth for school districts will be capped at 2%, which is the same as last year.
“School and local communities are still navigating the post-pandemic needs of their students and residents while dealing with high rates of inflation and employee turnover,” NY Comptroller DiNapoli said. “School district and municipal officials must exercise fiscal prudence to stay under the cap amid these challenges as they prepare their budgets.”
The tax cap first came into effect back in 2012. The cap limits annual tax levy increases to the lesser of the rate of inflation or 2% with certain types of exceptions.