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resolution 1 page

Also attached to this agenda item: LL Intro 4 of 2024

On motion of TRUSTEE -, seconded by TRUSTEE -, the following resolution was adopted by the Board of Trustees of the Village of Croton-on-Hudson, New York with the following vote: -. Resolution # 31-2024 WHEREAS, the State Legislature and the Governor enacted legislation that establishes a “property tax cap” on the amount that a local government’s property tax levy can increase each year; and WHEREAS, under this law, the total amount to be raised through property taxes charged on the municipality’s taxable assessed value of property, will be capped at 2% or the rate of inflation, whichever is less, with some exceptions; and WHEREAS, the state legislation provides for local governments to override the cap to protect the Village from unforeseen financial circumstances; and WHEREAS, state legislation requires that in the event that an override is necessary, the law enabling it must already have been adopted by the Board of Trustees; and WHEREAS, Local Law Introductory No. 4 of 2024 has been drafted to override the “property tax cap” law enacted by State Legislature if necessary; and WHEREAS, a Public Hearing was opened and closed on February 28, 2024, NOW THEREFORE BE IT RESOLVED: that the Village Board of Trustees hereby adopts Local Law Introductory No. 4 of 2024 to override the “property tax cap” law enacted by State Legislature if necessary, which upon adoption will become Local Law No. 4 of 2024. Dated: February 28, 2024