Sentences with phrase «levy limit»
The phrase "levy limit" refers to the maximum amount of money that a government entity, such as a city or county, can collect from taxes in a given year. It sets a cap on how much revenue the government can generate from taxes and helps control spending. Full definition
Each school district's tax - levy limit varies, in part because of exemptions allowed under the law.
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Referral 9481, which was sponsored by Chairwoman Harriet Cornell, set a date for a local law which will override the tax levy limit for 2013, in order to address expenses from unfunded mandates.
Twenty of the 76 districts with negative levy limits are seeking overrides for the 2016 - 2017 year, DiNapoli said.
The allowable levy limit for the 2016 - 17 fiscal year was 0.77 percent, or $ 98,320, an amount school officials described as insufficient.
We will next look at the Snoqualmie Valley School District - a school district that has much less property per student and therefore is capped by the $ 1.50 per thousand local levy limit.
«BE IT FURTHER RESOLVED that the New Paltz Central School District Board of Education calls on the UCIDA to recognize the district's position that PILOT agreements have an adverse impact on school districts due to the tax levy limit formula.»
Reading from the resolution, Trustee Robin Jacobowitz said school districts were expected to have tax levy limit calculations filed with the state by March under legislation written by Cuomo, but the governor has refused to release aid estimates needed by districts to determine accurate budget figures.
DiNapoli's office found that so far, at least 76 of the 601 school districts reporting are facing a negative levy limit.
School districts are currently calculating what their allowable tax levy limits will be for the upcoming fiscal year.
However, most local school districts would already be at the $ 1.50 per thousand Local Levy Limit.
The state comptroller's office will prescribe specific requirements for property tax jurisdictions that accidentally exceed their levy limits.
The final version of the tax - cap law, enacted in tandem with a rent - control extender, said the levy limit «shall remain in full force and effect at a minimum until and including June 15, 2016, and shall remain in effect thereafter only so long as» the rent laws continue beyond their own expiration, next set for June 2015.
Those districts, 76 of the 601 reporting their intentions, are facing what the comptroller called «negative» levy limits: To remain within their allowable limits, the districts would have to cut taxes or bust the tax cap.
Meanwhile, there are 95 school districts that have negative tax levy limits, which requires them to not hike property taxes from a year ago without the supermajority approval.
«As the cap fluctuates below two percent, it becomes increasingly difficult to stay under the levy limit while also dealing with increased costs and uncertain state aid.
«School districts are feeling the impact of a historically low tax levy limit,» said DiNapoli.
Following a public hearing, the town board voted 5 - 0 to pass a resolution allowing the town to override the state mandated tax levy limit.
The first was a general discussion of the county budget, the second specifically addressed the override of the state - imposed tax levy limit and the third addressed the Rockland County Deficit Reduction Act.
The paragraph at issue said that the school board «calls upon the New York State Legislature, the New York State Education Department and the New York State Comptroller to work together to modify the existing formula for the calculation of the tax levy limit to eliminate and / or mitigate the negative consequences of PILOTs on school districts» tax levy limits.»