NY announces increase in tax cap

New York has announced an increase in the property tax cap for school districts and villages this year. The cap will be set at 1.26 percent for schools and 1.15 percent for villages, according to the comptroller’s office. Last year’s cap was 0.12 percent. The fiscal year starts on June 1 for villages and July 1 for school districts. For schools, the cap number from the state is inputted into a multi-level formula to determine the maximum allowable property tax levy that districts can include in their budget without needing a supermajority of voter approval.