NY S04921

Establishes tax levy limitations for cities with a population of one million or more, beginning with the fiscal year starting in 2022.

Caps annual tax levy growth at the lesser of 1.02 (2%) or the sum of one plus the inflation factor based on national consumer price indexes.

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.

Permits adjustments to the tax levy limitation for large tort settlement costs exceeding 10% of prior year property taxes and for changes in state welfare assistance program costs.

Requires the state comptroller to calculate and notify each affected city of its tax levy limitation at least 120 days before the start of its fiscal year.