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resolution 1 page

Also attached to this agenda item: February 26th Resolution 25-2025 Adoption of LL Intro... LL Intro 1 Memo Local Law Intro 1 of 2025 - Tax Cap Public Comments - LL Intro 1 of 2025

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: Resolution #14-2025 WHEREAS, New York State enacted legislation in 2012 that established 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, is capped at 2% or the rate of inflation, whichever is less, with some exceptions; and WHEREAS, the rate of inflation this year has been set by the State Comptroller’s Office at 2.99% for municipalities operating on a June through May fiscal year; and WHEREAS, the state legislation provides for local governments to override the cap to protect the Village from unforeseen financial circumstances; and WHEREAS, the state legislation requires that in the event an override is necessary, the law enabling it must already have been adopted by the Board of Trustees; and WHEREAS, Local Law Introductory No. 1 of 2025 has been drafted to override the “property tax cap” law enacted by State Legislature, if necessary, NOW THEREFORE BE IT RESOLVED: that the Village Board of Trustees hereby calls for a Public Hearing on February 26, 2025, at 7:00 PM in the Georgianna Grant Meeting Room of the Stanley H. Kellerhouse Municipal Building to consider Local Law Introductory No. 1 of 2025 to override the “property tax cap” law enacted by State Legislature. Dated: February 12, 2025