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resolution 1 page

Also attached to this agenda item: Local Law Intro No. 5 of 2011-tax cap NYS OSC 2011 taxcaplaw Tax Cap Mandate Relief MMA

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: WHEREAS, the State Legislature and the Governor recently 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, this law is effective for local government’s fiscal year beginning in 2012; 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 percent 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. 5 of 2011 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 schedules a Public Hearing on November 7, 2011 at 8pm in the meeting room of the Stanley H Kellerhouse Municipal Building to consider Local Law Introductory No.5 of 2011 to override the “property tax cap” law enacted by State Legislature. Dated: October 17, 2011