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Newsday newsday.com 12 Jan, 2022 20:45 am

Hikes in school property taxes to be capped at 2%, state comptroller says

Hikes in school property taxes to be capped at 2%, state comptroller says
With inflation on the rise, state officials announced Wednesday that increases in school property taxes for the 2022-23 academic year would be capped at 2% — up from the current year's 1.23%. Under th

Under the state's cap law, in effect since 2012, annual tax hikes for school districts and other local governments are limited to 2% or the inflation rate, whichever is lower.The 2% cap applies to 676 school districts across the state, including 124 in Nassau and Suffolk counties, in the fiscal year starting July 1.School districts will set their individual rates for voter approval in balloting scheduled for May.The cap also applies to 10 cities.

Under the cap law, districts seeking to exceed the 2% limit will be required to obtain consent from at least 60% of local voters.Still, that limit is below the inflation rate, which is running at 4.

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