Also from Dan: our tax cap information has arrived via State Comptroller Tom DiNapoli.
After two years of tax growth being limited to less than one percent, inflation has crept up resulting in the highest allowable levy growth since 2013,” DiNapoli said. “This increase is offset by rising fixed costs and limited budget options. I continue to urge local officials to exercise caution when crafting their spending plans.”So we have a little more to work with this year and still stay below the cap. Given that 1% of the budget is about $100,000, it's really not much, but it's something. Stay tuned for budget updates - the first Budget Committee meeting is at 1:00 on Thursday, in the County Office Building, third floor conference room.
The tax cap, which first applied to local governments in 2012, limits tax levy increases to the lesser of the rate of inflation or 2 percent with some exceptions, including a provision that allows municipalities to override the tax cap.
Although the growth factor climbed noticeably from the 0.68 percent cap in the current fiscal year, the 2018 fiscal year will be the fifth year in a row that local governments have had their levy growth capped at less than 2 percent.
By comparison, property tax levy growth for school districts was capped at 1.26 percent for the 2017-18 fiscal year.
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