State tax cap to remain under 1 percent in 2017

In 2017, property owners in New York state won't see a jump in taxes that exceeds 0.67 percent.

Local governments in New York will face another tight tax limit next year, when counties, towns and other entities whose fiscal years begin in January will be allowed to raise their property-tax levies by no more than 0.67 percent unless they vote to override the state’s cap, New York Comptroller Tom DiNapoli announced Monday.

The cap for those entities is 0.73 percent this year and will fall under 1 percent again in 2017 because the inflation remains low. The cap, enacted in 2011, lets local governments and school districts increase each year the total amount of property taxes they collect by no more than 2 percent or the inflation rate, whichever is lower. Boards and legislatures can exceed the cap if at least 60 percent of their members support doing so.

Categories: News, Schenectady County

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