Property Tax Levy Cap Law Information

In June 2011, New York state leaders enacted a law that places new restrictions on how school districts and municipalities may increase their tax levies.

Although the new law has been referred to as a “2 percent tax cap,” it does not in fact restrict any proposed tax levy increase to 2 percent.

The law does, however, require at least 60 percent voter approval for a school budget if the proposed levy increase exceeds a certain amount. That amount, called the “tax levy limit,” will be determined by each district according to a complex formula outlined in the law, and will vary by district.

New York State School Boards Association Tax Cap Q & A

 

Related news articles:

Central New York schools wrestle with state's tax levy formula- Syracuse.com, 4/1/12

Why New York's 2 percent property tax cap isn't really two percent- syracuse.com, 2-27-12

Tax Levy Limit calculated at 4.78 percent- North Syracuse CSD, 3/30/12

Central New York schools wrestle with state's tax levy formula- Syracuse.com, 4/1/12