Office of the New York State Comptroller
Office of the New York State Comptroller
Thomas P. DiNapoli ? State Comptroller
Property Tax Cap
Local Government Property Tax Cap Formula Presentation
Formula for determining a local government's tax levy limit under the cap (Chapter 97 of the Laws of 2011):
Base Formula
([( ) ] ) Prior
Reserve
fiscal year tax
+
Prior year reserve
-
amount (including
levy
offset
interest
Tax base
x growth factor*
+ - PILOTs receivable in the prior fiscal year
Tort exclusion amount, prior
fiscal year
earned )
Allowable
PILOTs
- + = X
levy growth factor (1.00
receivable in coming
Available carryover
to 1.02)**
fiscal year
Tax Levy Limit
+ Transfer of Function
+ Exclusions
Tax Levy Limit
Tax levy necessary for Levy necessary to pay
Net of Transfer
expenditures from
for increases to the
+ + + = of Government Function (as determined by
court orders/judgments resulting from tort
actions for any amount
system average actuarial contribution
rate (or normal
OSC)
in excess of 5% of the
contribution rate) of
total taxes levied in the pension funds over 2
prior fiscal year
percentage points
Tax Levy Limit, Adjusted for Transfers, Plus Exclusions
* Tax base growth factor: Based on Tax and Finance determination of "quantity change," such as new construction, newly taxable status of existing property, or measurable improvements to taxable property within the boundaries of the local government or school district.
** Allowable levy growth factor: Lesser of 1.02 or inflation factor (percent change in CPI for the 12 month period ending 6 months before the start of the coming fiscal year over the prior 12-month period), but never lower than 1.00.
Division of Local Government and School Accountability
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