Allowable Levy Growth Factor for Local Governments with a January 1 Fiscal Year
This email is to make you aware that earlier today the Office of the State Comptroller announced that the allowable levy growth factor (tax cap) for those local governments with fiscal years beginning on January 1, 2021, will be 1.56%. This is due to the fact that pursuant to the tax cap law, the allowable levy growth factor is 2% or the CPI, whichever is less. The CPI is currently 1.56%.
Rest assured that given the current economic environment and the financial strain being felt by local governments as a result of the COVID-19 pandemic, NYCOM continues to seek ways in which the state can provide you with the additional tools and flexibility you need to navigate these incredibly challenging times.