NORWICH – Chenango County administrators may be faced with the lowest tax cap to date as they head into the 2017 budgeting season.
The County Finance Committee revealed last week that Chenango could be burdened with a state mandated tax cap as low as .6 percent in 2017, giving department heads little wiggle room as they put together their annual operations budget.
The New York State local property tax cap was first implemented by Gov. Andrew Cuomo in 2012 and has since dropped lower each year for many municipalities statewide. The tax levey limit for local municipalities is 2 percent or the rate of inflation, whichever is less. Failure to comply with the cap would prevent local taxpayers from receiving a tax freeze payment from New York State.