New York State Comptroller Tom DiNapoli says the tax cap will be set at 1.56% after December 31st.
This figure affects tax cap calculations for all counties, towns, fire districts, 44 cities and 11 villages in New York.
“The pandemic and the fiscal uncertainties municipalities are facing add to the challenge of adhering to the tax cap,” DiNapoli said. “At the same time the levy growth rate is dropping, both revenues and spending could deviate significantly from what was planned. Local governments must closely monitor their budgets to ensure they are balanced and that they have cash on hand.”
The cap limits the annual increases. While governing bodies can exceed it, that requires a local law, and the risk of loss of funding or reimbursement.
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