NY S06261

Modifies the real property tax cap calculation for local governments by changing the lookback period from the prior fiscal year to the highest total amount of taxes levied during the prior five fiscal years.

Updates the school district tax levy limit calculation to use the highest amount of taxes levied over the prior five school years instead of the prior school year.

Applies the same five-year lookback methodology to both municipal governments under the General Municipal Law and school districts under the Education Law.

Takes effect immediately upon enactment.