ALBANY, N.Y. (NEWS10) — Some local school districts will have to tighten their belts a little more come budget time.
The tax levy cap in New York State is dropping from two percent to 1.81 percent.
As a result, some school districts will have more challenges drafting budgets for the next fiscal year that fall at or below the tax increase cap. For the last two years, the tax levy cap was at two percent.
If adopted, budgets that end up above the cap can only be approved by voters with a 60 percent majority. Under the cap, approval just needs a simple majority of voters in a school district.
