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Understanding New York State's Property Tax Levy Cap

In June 2011, New York state leaders responded to calls for property tax relief by enacting a law that placed new restrictions on how school districts (and municipalities) may increase their tax levies. Although often referred to as a “2 percent tax cap,” the law does not, in fact, restrict any proposed tax levy increase to 2 percent. It does, however, require at least 60 percent voter approval for a school budget if the proposed levy increase exceeds a certain amount. That amount, called the “tax levy limit,” is calculated by each district according to a complex formula outlined in the law, and varies by district.

NYS Dept. of Taxation and Finance: Property Tax Cap

NYS Office of the Comptroller Real Property Tax Cap Information

New York State School Boards Association Property Tax Cap Q & A

Questar III BOCES Understanding NY's Property Tax Levy Cap