Sentences with phrase «effect of the property tax cap»
«The real effect of the property tax cap is it's bringing us back to the pack, if you will, of the national norm,» Pokalsky said.
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One point of contention is a $ 500,000 bond issue passed this fall by the park board just before a state - imposed cap on property - tax increases took effect Oct. 1.
A study by the New York State School Boards Association finds three quarters of the state's school districts would have exceeded the new 2 % property tax cap, had it been in effect for the current school year budget.
And this all comes as a coalition of groups calls for a reduction in state mandated spending in light of a 2 percent cap on local property taxes now in effect.
Districts are restricted in the amount of local revenue they can raise to fund school programs by state property tax caps, which took effect in 2012.
Provisions in the bill that limit the deductibility of interest on new mortgage loans to $ 500,000, cap property tax deductibility at $ 10,000 for those who can still itemize, eliminate the deduction altogether for second homes, and restrict the utility of the exclusion of gain on the sale of a home would exacerbate the effect.