NY S01758

Establishes a tax levy limitation for cities with populations of one million or more, effective for fiscal years beginning in 2020

Limits annual tax levy growth to the lesser of 1.02 (2%) or the sum of 1 plus the inflation factor, with a minimum growth factor of 1.0

Allows cities to exceed the tax levy limit only through a two-thirds vote of the city council to override the limitation for that fiscal year

Directs the state comptroller to calculate and notify each eligible city of its tax levy limitation by the 120th day before the fiscal year begins

Provides adjustments to the tax levy limit for approved capital expenditures, large tort settlements exceeding 10% of prior year property taxes, and changes in welfare assistance costs