NY A08649

Replaces the Consumer Price Index (CPI) basis for the property tax cap with a fixed 2% annual cap on property tax levy growth.

Allows school districts to override the property tax cap with a simple majority vote instead of the current supermajority requirement.

Provides state aid to local governments and school districts to offset the year-to-year increase in levy growth under the new 2% cap.

Removes provisions of the general municipal law and education law relating to the previous property tax cap structure enacted in 2011.

Establishes a fixed 2% cap to create predictability for local governments and school districts while addressing concerns about unfunded mandates and service cuts.