Tax Levy Cap Information
In June 2011, New York state leaders responded to calls for property tax relief by enacting a law that placed new restrictions on how school districts (and municipalities) may increase their tax levies*. Although often referred to as a “2 percent tax cap,” the law does not, in fact, restrict any proposed tax levy increase to 2 percent. It does, however, require at least 60 percent voter approval (supermajority) for a school budget if the proposed levy increase exceeds a certain amount.
That amount, called the “tax levy limit,” is calculated by each district according to a complex formula outlined in the law, and varies by district.
Tax Levy Cap Resources
Year 2 of NY's Tax "Cap" Law: Still Not 2 Percent - Video March 22, 2013