NY S08874

Changes the "allowable levy growth factor" calculation from the lesser to the greater of 1.02 or one plus the inflation factor, effectively increasing the allowed tax levy growth limit.

Removes the provision that the levy growth factor cannot be less than one, allowing it to decrease with negative inflation.

Reduces the voting threshold needed to override the tax levy limit from 60 percent to more than 50 percent for local governments and school districts.

Applies the lower voting threshold requirement to budget approvals exceeding the tax levy limit and to separate proposition votes on expenditures that would exceed the limit.

Takes effect immediately upon enactment.