New York school districts and the state's largest cities will be limited to a 2% increase in their property tax growth this year, the highest levies can rise in any year without special exemptions or voter intervention.
Comptroller Tom DiNapoli on Thursday announced the levy for the coming budget year for schools, affecting 676 school districts and 10 cities, including Buffalo, Rochester, Syracuse and Yonkers.
The cap can be overridden by 60% of voters approving of a budget that does so.
The state's cap on property tax increases are limited to the rate of inflation or 2%, whichever is lower. Inflation has sharply risen in the last year.
“School and local communities are still navigating the post-pandemic needs of their students and residents while dealing with high rates of inflation and employee turnover,” DiNapoli said. “School district and municipal officials must exercise fiscal prudence to stay under the cap amid these challenges as they prepare their budgets.”
Gov. Kathy Hochul announced in her State of the State address this week that direct aid to school districts will once again rise by more than $2 billion in her state budget proposal.