Property tax levy sees near zero growth
The property tax levy growth for school districts in the state are expected to remain relatively flat for the 2016-17 fiscal year. State Comptroller Thomas DiNapoli has announced that the growth rate will be capped at point-one-two percent. DiNapoli admits that this might cause some districts to cut costs or to dip into reserve funds. School districts are able to override the tax cap if 60 percent of voters approve the proposed budget.
The formula for determining the tax cap was first applied in 2012.