New York A04419 amends the formula for calculating the real property tax cap for local governments and school districts.

New York A04419 amends the general municipal law and the education law to change the formula for calculating the real property tax cap. For local governments, it involves determining the highest total amount of taxes levied for a fiscal year over the prior five years, applying a tax base growth factor, adding payments in lieu of taxes, subtracting the tax levy necessary for prior expenditures, multiplying by the allowable levy growth factor, and subtracting payments in lieu of taxes receivable in the coming fiscal year.

New York A04419 amends the formula for calculating the real property tax cap for local governments and school districts.

New York A04419 amends the general municipal law and the education law to change the formula for calculating the real property tax cap. For local governments, it involves determining the highest total amount of taxes levied for a fiscal year over the prior five years, applying a tax base growth factor, adding payments in lieu of taxes, subtracting the tax levy necessary for prior expenditures, multiplying by the allowable levy growth factor, and subtracting payments in lieu of taxes receivable in the coming fiscal year.