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.

There's more to this story! You're only seeing 32% of the story. Subscribe now to get immediate access to the rest of the story as well as our whole online offering.

Today's Other Stories

© 2018 Snyder Communications/The Evening Sun
29 Lackawanna Avenue, Norwich, NY 13815 - (607) 334-3276
Create an Account Forgot Password Help
pennysaver logo greatgetaways logo
We're on Facebook