Property tax levy growth for New York school districts and 10 of the state's cities will be capped once again at 2%, state Comptroller Tom DiNapoli said Thursday.

This is the third straight year the cap remains the same.

The tax cap was first applied to local governments excluding New York City and school districts in 2012 and is limited to the rate of inflation or 2%, whichever is lower. 

The cap can be overridden by 60% of voters approving of a budget that does so. 

“While inflation continues to decline from recent highs, it remains well above 2%,” DiNapoli said. “With one-time pandemic relief aid nearly exhausted, school district and municipal officials should carefully monitor cost growth to effectively manage their budgets and ensure they comply with the tax cap law.”

The 2% allowable levy growth affects the tax cap calculations for 676 school districts and 10 cities with fiscal years starting July 1, 2024, including the cities of Buffalo, Rochester, Syracuse and Yonkers.


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