ALBANY, NY — Property tax levy growth will be capped at two percent for 2024 for local governments that operate on a calendar-based fiscal year, according to data released by state comptroller Thomas DiNapoli. In accordance with state law, DiNapoli’s office calculated the 2024 inflation factor at 6.26 percent for those local governments, well above the two percent allowable levy increase, and indicative of the higher costs facing  these localities.

The tax cap, which first applied to local governments and school districts in 2012, limits annual tax levy increases to the lesser of the rate of inflation or two percent with certain exceptions including a provision that allows municipalities to override the tax cap.