Bill > A04687

This bill amends the Education Law to provide that the tax levy limit for school districts shall be equal to a zero percent increase over the prior year's tax levy when the difference between the total amount of taxes levied for the prior year and the tax levy limit results in a negative number. This means that if the tax levy limit would result in a decrease in the amount of taxes levied compared to the prior year, the limit will instead be set at zero percent, effectively maintaining the prior year's tax levy. The bill requires school districts to submit certain information to the state Comptroller, Commissioner of Education, and Commissioner of Taxation and Finance for the calculation and review of the tax levy limit.