State Update: 2019 Tax Cap Increase Two Percent
Friday, January 11, 2019
2019 Tax Cap Increase Two Percent
The Bureau of Labor Statistics reported the Consumer Price Index for All Urban Consumers (CPI-U) for December increased 1.9 percent over December 2017. For the year as a whole, the inflation rate was 2.44, which makes the allowable growth factor for the 2019-20 school year tax cap two percent.
The tax cap law allows school districts to increase their prior year’s tax levy by the allowable growth factor, which is calculated as two percent or the change in the Consumer Price Index for the year prior, whichever is less.
Governor to Release Executive Budget Proposal on Tuesday
Governor Cuomo is set to unveil his proposal for the 2019-20 state budget on Tuesday, January 15. ASBO will share the governor’s proposals as well as school aid runs as soon as they are available.
ASBO New York’s State Budget Page