ALBANY, N.Y. — The limit on property tax hikes that can be imposed by cities, counties, towns, villages and other local governments across New York state will rise to 2 percent for fiscal 2019, the state comptroller announced Thursday.
“For these local governments, allowable levy growth will be 2 percent for the first time since 2013,” New York State Comptroller Thomas P. DiNapoli said in a release. “Despite the possibility of increased tax revenue, municipal budgets will still be vulnerable to rising fixed costs and potential federal funding cuts. Local officials should proceed cautiously when crafting their spending plans for next year.”
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. There are exceptions, including a provision that allows municipalities to override the tax cap.
(Sponsored)
“They are family. They would never do that!” Our guard comes down as it is hard to imagine a family member capable of business fraud. Unfortunately, that is when the
Assessing the Likely Tax Impacts of the 2024 Election
President-Elect Donald Trump will return to the White House in 2025 — a year that already was expected to see significant activity on the federal tax front. A projected unified
From 2014 through 2018 fiscal years, municipalities with a fiscal year ending on Dec. 31 had their levy growth capped at less than 2 percent. For fiscal 2018, the cap was 1.84 percent.
The release noted that the cap affects all counties, towns, fire districts, 44 cities, and 10 villages.
Contact the Business Journal News Network at news@cnybj.com
BJNN file photo by Eric Reinhardt
