Property tax levy growth capped at 2%

ALBANY, N.Y. (NEWS10)---Property tax levy growth will be capped at 2% in 2024 for local governments that operate on a calendar- based fiscal year. It is the same tax cap percentage that was set for school districts in January.

"Since 2012, the state set a limit by which school districts and local governments can increase the property tax levy," explained Simonia Brown, Assistant Deputy Comptroller. "The property tax levy is your total amount that is billed to tax payers in the locality."

Brown explained the reasoning behind having a cap.

"The idea was to provide property tax relief to minimize or limit the burden on tax payers and in addition, it also provides additional budget transparency for residents in a locality or in a school district who have to pay taxes associated with school budgets."

Brown said this can impact how much resources schools have for programs.

In a statement, New York State United Teachers said, "NYSUT has long advocated for alternate funding strategies that empower local communities to make the best decisions for their schools without a cap placed at the state level."

School districts, however, can override the cap if they get 60% voter approval.

"If they decide that their school district should be spending more, they want their students in their schools to get more programming beyond the tax cap, they have the opportunity to do that through an override," said Brown.