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)
Why ESG and Sustainability Reporting Matters for Your Business
As the landscape of financial reporting has evolved, the concept of environmental, social and governance (ESG) and sustainability has grown exponentially. In 2011, only 5% of S&P 500 companies reported
Don’t Take the Bait: Phishing Scams to Avoid
Americans lost $8.8 billion to phishing and other fraud in 2022, according to the Federal Trade Commission, with financial fraud increasing over 30% from 2021. Every day, thousands of people
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
