According to data provided by the State Comptroller’s Office, just 15 school districts have indicated that they will ask voters to override the real property tax cap this year. School district votes will be held on May 15.
The cap limits the growth in property taxes for schools and municipalities to 2% each year or the rate of inflation, whichever is lower. For the school budget votes coming up in May, the cap is 1.26% for the fiscal year that begins on July 1, an increase from the current year’s increase of 0.12%.
This year, districts on average said they will seek a roughly 1.8 percent tax-levy increase.
This is yet another indication that the state’s real property tax cap is working, protecting taxpayers from higher than necessary property tax increases. New York’s property taxes continue to be some of the highest in the nation, and the tax cap has been the most important fact in slowing what was once an out of control rate of growth.