New York's tax cap law

New York News
6:07 am
Tue May 21, 2013

NY Residents Voting On School Budgets

Credit wikipedia commons

New York residents are voting on their school districts' proposed budgets for next year.

Authorities say the average proposed tax levy increase is 2.8 percent, with school spending rising about the same amount, driven by increases in contributions to employee retirement systems.

This is the second year school districts are working under New York's tax cap law, which generally limits tax levy increases to 2 percent or the rate of inflation, whichever is less. Budget proposals that exceed the cap need a 60 percent supermajority of votes to pass.

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