Share this @internewscast.com

For the year 2024, Property tax levy growth will be capped at 2% for local governments that operate on a calendar- based fiscal year.

State Comptroller Thomas P. DiNapoli | NY1

The said property tax levy growth cap percentage that was the same to the set property tax levy growth for school districts in January.

Assistant Deputy Comptroller, Simonia Brown explained that the state has set a limit of how much school districts and local government agencies the property tax levy, since the year 2012. Brown also explained that the property tax levy is the total amount billed to tax payers in their locality.

Brown explained that the reason of having a cap was to offer property tax relief to on tax payers by minimizing or limit their burden. Having a cap also provides residents in a locality or in a school district who have to pay taxes associated with school budgets, additional budget transparency.

READ MORE| Student Loan Payments To Restart After 3 Years Of Delay

Brown also stated that School districts can override the cap on property tax levy growth if they get 60% of voters’ approval.

Brown stated if school districts deems they should be spending more and want their students to get more programs beyond the property tax levy growth cap, they could do so through an override.

Property tax levy growth cap calculations will affect all counties, towns and fire districts, and will  also affect 44 cities and 13 villages.

Accordint to The Sun, State Comptroller Thomas P. DiNapoli, said that the allowable property tax levy growth will be limited to 2 percent for a third successive year. DiNapoli also states that although the inflation rate started decreasing, it still poses a challenge to local governments and its budgets.

DiNapoli’s office calculated the 2024 inflation factor at 6.26 percent for local governments with a calendar fiscal year, which is above the 2 percent allowable property tax levy increase, which suggest potential higher costs facing these localities.

READ MORE: Property tax levy growth capped at 2%

Share this @internewscast.com
You May Also Like

District Attorney: Couple Fed Up with ‘Inappropriate’ Child Locked Him in Shed

Insets: Daryl and Grace Sensenig (Ephrata Police). Background: Daryl and Grace Sensenig’s…

Jodi Arias: Could the Convicted Murderer Be Planning a Fresh Bid for Release?

Convicted killer Jodi Arias may be planning a new appeal of her…

Court Rejects Boston Marathon Bomber’s Request to Disqualify Judge in Death Penalty Appeal

A federal appeals court has rejected a motion by Boston Marathon bomber…

Ex-Chief Deputy of Indiana Accused of Acting as Informant for Drug Trafficker

A former chief deputy from Indiana has been taken into custody on…

Ethan Chapin’s Mother: Kohberger’s Plea is the Just Decision

Ethan Chapin’s mother has opened up about her feelings for the first…

Man Reportedly Caught in the Act Stealing Copper Cable

A man has allegedly been caught red-handed stealing copper cabling from a…

Melbourne Man’s Final Words Before Daylight Execution

New details have emerged about the final moments of a suspected underworld…

Trial Set to Start for Ex-Navy JAG Officer Charged with Wife’s Murder and Dismemberment

The murder trial for a naval officer, Nicholas Kassotis, accused of murdering…

Gainesville man receives 15-year federal prison sentence for firearm possession

Staff report based on press release from U.S. Attorney’s Office, Northern District…

Inside the Idaho Murders: What Could Have Prevented a Plea Deal for Kohberger

The death penalty criminal trial was drawing near for the individual accused…

IMAGE: Bryan Kohberger, University of Idaho Suspect, Captured on Arrest Day

A recently released photograph shows Bryan Kohberger, the confessed University of Idaho…

Father Assaults Son Leading to Seizure and Continues Attack: Police Report

Background: The Jackson County Detention Center in Kansas City, Missouri. (Jackson County…