Property tax levy growth will be capped at 2% for 2024 for New York”™s local governments that operate on a calendar-based fiscal year, according to data released by State Comptroller Thomas P. DiNapoli.
The tax cap, which first applied to local governments and school districts in 2012, limits annual tax levy increases to the lesser of the rate of inflation or 2% with certain exceptions, including a provision that allows municipalities to override the tax cap. The 2024 figure affects tax cap calculations for all counties, towns and fire districts, as well as 44 cities and 13 villages.
DiNapoli said his office calculated the 2024 inflation factor at 6.26% for those local governments with a calendar fiscal year.
“Allowable tax levy growth will be limited to 2% for a third consecutive year,” DiNapoli said. “Although the rate of inflation has begun to decrease, it still poses a challenge for local governments and their budgets. As local governments spend down their one-time federal pandemic assistance, officials will need to carefully develop and balance their budgets for the coming year.”
