Friday, September 21, 2012

Property Tax Cap Remains at 2%

Property Tax Reduction Consultants 
125 Jericho Turnpike, Jericho, NY 11753
516-484-0654 or 631-484-0654

The New York State property tax cap will remain at this year’s rate of 2%.  The cap took effect for local governments in January and schools in July at 2% or the rate of inflation, whichever is lower. Last week, the state Comptroller’s Office projected inflation to grow by 2.9% in 2013.

This will be the second year that local governments constructed budgets under the cap. This limits revenue by keeping leaders from raising property taxes by more than 2%. Even though 80% of municipalities and 90% of school districts stayed under the cap during the first year, leaders are predicting it will be hard to do that again this year.

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