Municipalities face 1.66 percent tax cap for 2014

CHENANGO COUNTY - New York State Comptroller Thomas DiNapoli has announced that for the first time since the implementation of the state mandated 2 percent tax cap, the state’s inflation rate has fallen below 2 percent, meaning local towns and municipalities will face a 1.66 percent tax levy cap as they prepare their 2014 budgets.



Under the state’s real property tax cap law, enacted in 2011, municipalities are limited to a 2 percent tax increase or the rate of inflation, whichever is lower. The actual levy cap adjusts annually with the consumer price index.


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