reading Cuomo's property property tax
Monday, January 31, 2011 - 11:55 AM
Financial experts with the state teachers union are saying the property tax cap bill Cuomo introduced is more drastic than the governor has let on. Instead of a 2 percent increase, the bill, they say, could cut that down to 0.
If the district is asking voters to approve a levy increase which is higher than the lesser of 2% of inflation, then 60% of voters must approve the tax levy. If the voters defeat the proposed tax levy, then they will hold a second vote on the third Tuesday of June. If the tax levy cap is defeated two times by the voters, then the school district may not increase its tax levy at all from the prior year. Therefore, this bill sets a 0% tax cap on school districts.