Real Property Tax Cap Information
Chapter 97 of the Laws of 2011 (Part A-Property Tax Cap) established a tax levy limit (hereafter referred to as the "property tax cap") that affects all local governments, most school districts in New York State, except New York City, and a host of other independent taxing entities such as library, fire and water districts.
Under this law, the growth in the property tax levy, the total amount to be raised through property taxes charged on the municipality's taxable assessed value of property, is capped at 2 percent or the rate of inflation, whichever is less, with some exceptions. Local communities have the ability to override the cap.
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