ALBANY, N.Y. (NEWS10) — The property tax levy for local governments and school districts in 2022 will be capped at 2%, New York State Comptroller Thomas DiNapoli announced Wednesday.

The Comptroller said this is the third time in four years the property tax levy has been capped at 2%. In 2021, it was capped at 1.56%.

“As the economy recovers from the pandemic, local governments have seen some revenues rebound and have benefited from one-time federal financial assistance. At the same time, the risk of inflationary cost increases and the need for investments that will stimulate economic growth and fund essential services may lead to challenging budget decisions ahead,” said DiNapoli.

The tax cap applies to all counties, towns, fire, and school districts, as well as 44 cities and 13 villages. Tax caps can be overridden if a budget is approved by a supermajority of 60% or more.