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resolution 1 page

Also attached to this agenda item: LL Intro 1 of 2021 Res 1-2022 LL Intro 1 of 2022 tax cap override back up LL Intro 01- of...

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 #4-2022 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, this law became effective for a 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 rate of inflation this year has been set by the State Comptroller’s Office at 4.23% 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, 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 2021 has been drafted to override the “property tax cap” law enacted by State Legislature if necessary; and WHEREAS, a Public Hearing was held and closed on January 18, 2022, NOW, THEREFORE BE IT RESOLVED: that the Village Board of Trustees hereby adopts Local Law Introductory No. 1 of 2022 to override the “property tax cap” law enacted by State Legislature, if necessary, which upon adoption will become Local Law No. 1 of 2022. Dated: January 18, 2022