ALBANY, N.Y. — The limit on property tax hikes that can be imposed by cities, counties, towns, villages and other local governments across New York state will rise to 2 percent for fiscal 2019, the state comptroller announced Thursday.
“For these local governments, allowable levy growth will be 2 percent for the first time since 2013,” New York State Comptroller Thomas P. DiNapoli said in a release. “Despite the possibility of increased tax revenue, municipal budgets will still be vulnerable to rising fixed costs and potential federal funding cuts. Local officials should proceed cautiously when crafting their spending plans for next year.”
The tax cap, first applied to local governments in 2012, limits tax-levy increases to the lesser of the rate of inflation or 2 percent. There are exceptions, including a provision that allows municipalities to override the tax cap.
(Sponsored)
Insurance Rates: What is really going on with these premiums and why they seem to be increasing!
This is a question we continuously get asked at CH Insurance. Clients with a good loss history, timely payments, excellent credit, and very good policies and procedures. All across the
How To Seamlessly & Responsibly Integrate AI Into the Workplace
Artificial intelligence (AI) is one of the hottest topics in today’s tech and office technology thought leadership. Everyone seems to be aware of the capabilities of AI, but some might
From 2014 through 2018 fiscal years, municipalities with a fiscal year ending on Dec. 31 had their levy growth capped at less than 2 percent. For fiscal 2018, the cap was 1.84 percent.
The release noted that the cap affects all counties, towns, fire districts, 44 cities, and 10 villages.
Contact the Business Journal News Network at news@cnybj.com
BJNN file photo by Eric Reinhardt
