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resolution 1 page

Also attached to this agenda item: February 12th Resolution 14-2025 Tax Cap Override 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 with the following vote: -. Resolution #25-2025 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. 1 of 2025 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 26, 2025, NOW THEREFORE BE IT RESOLVED: that the Village Board of Trustees hereby adopts Local Law Introductory No. 1 of 2025 to override the “property tax cap” law enacted by the State Legislature, if necessary, which upon adoption will become Local Law No. 3 of 2025. Dated: February 26, 2025