NY A06401

Amends the General Municipal Law to change the real property tax cap calculation for local governments from using taxes levied in "the prior fiscal year" to the "highest total amount of taxes levied for a fiscal year for the prior five fiscal years"

Makes the same modification to Education Law Section 2023-a for school districts, requiring them to use the highest tax amount from the prior five school years instead of just the prior year when calculating tax levy limits

Applies the same calculation methodology (highest of five years multiplied by tax base growth factor, with adjustments for payments in lieu of taxes and carryover) to both local governments and school districts

Takes effect immediately upon enactment