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NY to lower property tax cap from 2 percent

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A report released Tuesday by State Comptroller Thomas DiNapoli said the cap is lower than the 2 percent cap applied for the last two years. (CNYCentral photo)

Albany, N.Y. (WHAM) - School districts in New York will have their property tax levy growth capped at 1.81 percent next year.

A report released Tuesday by State Comptroller Thomas DiNapoli said the cap is lower than the 2 percent cap applied for the last two years.

This will take effect in the new fiscal year, which starts in July 1, 2020.

There are 676 school districts affected by the new tax cap, including Rochester.

“As the levy growth rate dips below 2 percent, school district and municipal officials need to be fiscally cautious and examine where they can limit spending to stay under the cap,” DiNapoli said. “Local governments will have to examine their budgets more closely to control expenses.”

The provision to allow districts to override the cap with 60 percent voter approval of their budget will remain.

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