Haldane Central School District: Important Budget Concepts for Our Tax Payers to Understand
Is the New York State Property Tax Cap Actually a 2% Tax Cap??? No, not really…
When New York State began to limit the amount of revenue a school district could raise in its annual tax levy, the creators of this new law began referring to the tax levy increase as the “2% Tax Cap.” This misnomer unfortunately became the way that most politicians referred to this new regulation, which confused the concept and created a great deal of misunderstanding. So what is the Tax Cap?
This new State mandate requires that school districts complete a long, complicated calculation (that was determined by the Comptroller’s Office) to regulate the amount of taxes a district can raise within their tax levy for the next school year. The district is required to include a number of considerations that vary from year to year. The first detail that districts include in their calculation is the annual change in the CPI (Consumer Price Index) or 2%, whatever is lower. For this upcoming budget cycle, the CPI was 1.62%, so this value was used instead of 2%, because it was the lesser of the two.
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