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New York school taxes capped at 2% despite inflation

New York State Comptroller Thomas DiNapoli
Mike Groll
New York State Comptroller Thomas DiNapoli

New York State Comptroller Thomas DiNapoli said school taxes will be capped at 2% this year. That’s the highest level school taxes can rise under state law. Meanwhile, inflation is more than double the cap.

In a report, DiNapoli calculates the inflation rate for schools to be 4.7%. Still, by law, schools can’t raise taxes by more than 2%. This the fifth time since 2012 that the cap has been reached. For most of the tax cap’s history, inflation has remained below 2%.

Under state law, schools seeking to exceed the 2% limit need at least 60% of voters to approve the budget.

Governor Kathy Hochul has already said she will increase state aid to school districts this year by more than 7%. Details will be released in her upcoming budget presentation.

Charles is senior reporter focusing on special projects. He has won numerous awards including an IRE award, three SPJ Public Service Awards, and a National Murrow. He was also a finalist for the Livingston Award for Young Journalists and Third Coast Director’s Choice Award.