State Comptroller Tom DiNapoli recently announced that the property tax levy growth for local governments will be capped at less than one percent for the second consecutive year.
For 2017, property tax levy growth for local governments will be capped at 0.68 percent, a slight reduction from 2016’s 0.73 percent. The latest inflation figure affects the tax cap calculations for local governments that operate on a calendar-based fiscal year which includes the state’s counties, towns, fire districts, 44 cities and 10 villages.
Comptroller DiNapoli said:
“In what is becoming the norm, New York’s local governments must cope with extremely limited growth for property taxes to stay within the tax cap. Low inflation has positive effects for consumers, but it also reflects an uncertain economic environment. Local officials have faced growing fixed costs and limited budget options for years, but 2017 will necessitate even tougher financial choices.”
We are pleased that this slow property tax growth is the new normal, but we do acknowledge the hardship that this imposes upon the state’s local governments. Which is why we continue to push for state lawmakers to enact real mandate relief to make our communities more affordable, ensure that we are providing our kids with a well-rounded education, and allow our municipal governments to deliver services we need and deserve.