The comptroller also projected that the potential impact of levy restrictions for school districts (which have fiscal years beginning July 1) could range from a loss of $182.7 million, assuming a factor of 0.73 percent, to a loss of $332.6 million, assuming a factor of zero.
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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, with some exceptions.
Mayor Dyster said they were trying to take “everything but the people out of the budget”.
Bill Moehle says there’s sort of a misnomer that it’s a 2 percent tax cap.
The lower tax cap means relief for homeowners, but there may be less “wiggle room” for governments like Niagara Falls.
The DiNapoli report estimates that more than 1,800 local governments will have roughly $88.3 million less in tax levy growth in calendar year 2016 compared to 2015. The state comptroller said inflation will win out next fiscal year.
For school districts and local governments whose fiscal year starts later in 2016, DiNapoli says they could be facing a cap with zero allowable growth.
“It should be a pain in the neck”, Cuomo said during a stop in Nyack, Rockland County.
The cap “has caused a reduction in the amount of increases of property taxes”, he said, “but still we know taxpayers aren’t happy due to their taxes”. 073 percent for entities that operate on a calendar-based fiscal year. DiNapoli said, “The simplest way to look at it, is the inflation rate is going up that much; it should keep pace with expenses, but for many community the reality is-because of many costs they don’t control-their expenses are going up higher than might be implied by that inflation rate”.
The comptroller has not yet issued the tax cap that will be used for schools, but it’s expected to be similar.
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The state Legislature and Gov. Andrew Cuomo last month extended the property-tax cap until 2020 with some new exemptions for schools and tax payments. It requires a 60 percent majority of district voters when the budget is voted on to exceed the cap.
