Tax Cap Information

The enacted property tax cap legislation became effective beginning with the 2012-13 school year.

This new legislation seeks to establish a threshold that determines the number of yes votes required for a budget to pass taking into account a variety of factors, one being the growth factor. The tax cap does not limit the increase in the tax levy at 2%. Only in very rare cases will a district’s tax levy limit actually calculate out to 2 percent. In addition, the cap is on the growth in the tax levy (the amount of property taxes collected to run the district) and not a cap on tax rates or individual tax bills. Tax bills will fluctuate, up or down, in amounts that may exceed 2% depending on a particular property’s assessed value and the adjusted base proportions established by the Assessor’s Office on an annual basis.

The District’s maximum allowable levy for 2014-15 is 1.36%. The proposed budget will require a projected increase in the tax levy of 0%. Since the projected increase is less than 1.36%, the proposed budget is within the tax levy limit and will require a simple majority voter approval, 50% + 1, rather than 60% or supermajority.

The links to the references below are designed to provide the residents of Valley Stream 30 with the components of the calculation, the 2014-15 tax levy limit calculation for the district required to be submitted to the Office of the State Comptroller, and other explanatory guidance. This information may change as additional guidance is provided by New York State. In addition to the information below, residents can also access information about this matter at http://www.osc.state.ny.us/localgov/realprop/index.htm.

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