Print Edition

  Email News Updates

New York Comptroller says property tax cap to rise to 2 percent

By Journal Staff

Date:

Tom DiNapoli
New York State Comptroller Thomas P. DiNapoli

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.

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

Thank You For Visiting CNYBJ.com