Property tax levy growth in New York State will be capped at 2% for 2024 for local governments that operate on a calendar-based fiscal year.
That’s according to data released by State Comptroller Thomas DiNapoli. The announced figure factors into tax cap calculations for all counties, towns and fire districts, as well as 44 cities and 13 villages. According to DiNapoli, this is the third consecutive year that allowable tax levy growth will remain at that 2% figure.
In accordance with state law, DiNapoli’s office calculated the 2024 inflation factor at 6.26% for those local governments with a calendar fiscal year, well above the 2% allowable levy increase, and indicative of higher costs facing these localities.