Amends the formula for calculating the real property tax cap in New York.
This bill modifies the formula for calculating the real property tax cap in New York. It adjusts the method by which local governments determine the tax levy limit for the coming fiscal year, including factors such as the highest taxes levied in the prior five fiscal years, tax base growth, and payments in lieu of taxes. It also revises the calculation for school districts, affecting how they determine their tax levy limit for each school year.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.