State's Tax Cap to Tighten Due to Rate of Inflation
Local governments and school districts may have to tighten their belts. The state comptroller says the tax cap will tighten because of a drop in inflation.
The state's tax cap law limits tax cap growth to the lesser of two percent or the rate of inflation. Comptroller Tom DiNapoli says localities now face a significantly less than two percent scenario. His office estimates local governments around the state will have just over $88 million less in tax levy growth in 2016 than in 2015.