The Office of State Comptroller says that the real property tax cap for schools and villages will be between 1.42% and 1.55% in 2014, down from 2% in 2013.
The Comptroller’s Office calculates the property tax cap each year based upon rate-of-inflation projections provided by the state Budget Division. The tax cap is either 2% or the inflation rate, whichever is less.
We supported the property tax cap when it was enacted in 2011 to stem the growth of the state’s high real property taxes, and we continue to do so. In 2013, 98% of school districts and 77% local governments adhered to the cap.
Earlier this year, the New York State United Teachers (NYSUT) filed a lawsuit challenging the tax cap. They are challenging the tax cap law’s “supermajority” override provision as being unconstitutional. This is obviously a huge issue for us, as it is for ALL taxpayers, and we will continue to follow this case closely as it works its way through the courts.