New York
Property tax levy capped at 2% for third time in four years
By 
Editor
Albany, New York — According to New York State Comptroller Thomas DiNapoli, the property tax levy for local governments and school districts in 2022 will be capped at 2%.
This is the third time in four years the property tax levy has been capped at 2%. In 2021, it was capped at 1.56%, the Comptroller said.
“As the economy recovers from the pandemic, local governments have seen some revenues rebound and have benefited from one-time federal financial assistance. At the same time, the risk of inflationary cost increases and the need for investments that will stimulate economic growth and fund essential services may lead to challenging budget decisions ahead,” said DiNapoli.
According to DiNapoli, the tax cap applies to all counties, towns, fire, and school districts, as well as 44 cities and 13 villages. Tax caps can be overridden if a budget is approved by a supermajority of 60% or more.
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