Tax cap gets smaller with 1.46 percent CPI increase for 2013
The controversial property tax cap will fall even lower next
year as it adjusts to the Consumer Price Index, worrying some who say schools
and social programs will suffer and local governments will be harder pressed to
balance their budgets with even less revenue.
According to new guidelines recently released by the state
Comptroller's Office, the state property tax cap will be reduced from 2 percent
to 1.46 percent; affecting all local governments and school districts that rely
on tax levies for their funding beginning the new fiscal year on January 1,
2014.
The state's property tax law limits annual property tax
increases to 2 percent or the rate of inflation, whichever is less. This year,
the Consumer Price Index is less than 2 percent.
Districts must submit their calculation to the state
comptroller by March 1st.
(source NYSUT/NYSASBO)
No comments:
Post a Comment