New York school districts and the state’s major cities will be limited to a 2% increase in their property tax growth for the coming budget year, according to Comptroller Tom DiNapoli.
The cap applies to 676 school districts and 10 cities, including Buffalo, Rochester, Syracuse, and Yonkers, and can be overridden by a 60% majority vote of approval for a budget that exceeds the cap.
The state’s cap on property tax increases are limited to the rate of inflation or 2%, whichever is lower, with inflation having risen sharply in the past year.
Governor Kathy Hochul announced in her State of the State address this week that direct aid to school districts will once again rise by more than $2 billion in her state budget proposal.
However, DiNapoli emphasized that school and local communities are still navigating the post-pandemic needs of their students and residents while dealing with high rates of inflation and employee turnover.
He urged school district and municipal officials to exercise fiscal prudence to stay under the cap amid these challenges as they prepare their budgets.
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