New York school taxes capped at 2% despite inflation
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.