New York will lower the property tax cap again in 2020

The cap is lowering.

A report released earlier this week by State Comptroller Thomas DiNapoli noted that the cap is lower than the 2 percent cap applied for in recent years.

The change takes effect in the fiscal year 2020, which begins in July.

Altogether there are 676 districts that are impacted by the new cap.

“As the levy growth rate dips below 2 percent, school district and municipal officials need to be fiscally cautious and examine where they can limit spending to stay under the cap,” DiNapoli said. “Local governments will have to examine their budgets more closely to control expenses.”

It would take a 60 percent voter approval rate to bypass.

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