Bill > A04419

This bill modifies the calculation method for property tax levy limits for local governments and school districts by changing how they determine their base tax levy. Specifically, instead of using the tax levy from the previous single year, the bill now requires entities to identify the highest total amount of taxes levied over the prior five fiscal years as the starting point for calculating their tax levy limit. The calculation process remains largely the same, involving steps such as multiplying the base amount by a tax base growth factor, adding payments in lieu of taxes, subtracting certain specific expenditures, multiplying by an allowable levy growth factor, and potentially adding available carryover funds. By allowing entities to choose the highest tax levy from the past five years instead of just the most recent year, the bill provides more flexibility and potentially allows for slightly higher tax levy limits, which could be beneficial for local governments and school districts facing budget constraints or seeking to maintain consistent funding levels.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/A4419