Tax Cap Will Remain At 2 Percent, NY Comptroller Says
Jul 11, 2019
The state’s cap on property tax levy increases will remain at 2 percent for the 2020 fiscal year, Comptroller Tom DiNapoli’s office said Thursday in an announcement.
The announcement affects local governments — counties, towns, fire districts, 44 cities and 10 villages — that have their fiscal year end Dec. 31.
The cap is tied to either the rate of inflation or 2 percent, whichever is lower.
In the early years of the tax cap, allowable property tax growth was under 2 percent given the relatively flat rate of inflation.
“The allowable levy growth will be 2 percent for the second year in a row, however, mixed economic signals may require local governments to respond to changing financial conditions,” DiNapoli said. “Local officials should be remain vigilant when crafting their budgets.”