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local law 2 pages

Also attached to this agenda item: LL Intro 1 of 2021 Res 1-2022 LL Intro 1 of 2022 tax cap override Res 4-2022 PH LL Intro 1 tax cap override

Division of Local Government and School Accountability Office of the New York State Comptroller Thomas P. DiNapoli • State Comptroller Property Tax Cap Inflation and Allowable Levy Growth Factors December 2021 As defined in law, the allowable levy growth factor is the lesser of one plus the inflation factor or one and two-one-hundredths. For periods where the inflation factor is less than 2 percent, the allowable levy growth factor is equal to one plus the inflation factor. Like us on Facebook at facebook.com/nyscomptroller Follow us on Twitter @nyscomptroller Inflation Factors and Allowable Levy Growth Factors by Fiscal Year Fiscal Year Fiscal Years Beginning Inflation Factor Allowable Levy Growth Factor Inflation Factor Allowable Levy Growth Factor Inflation Factor Allowable Levy Growth Factor Inflation Factor Allowable Levy Growth Factor Jan 1 - Dec 31 2.25% 1.0200 2.07% 1.0200 1.56% 1.0156 2.30% 1.0200 Mar 1- Feb 28 2.42% 1.0200 1.90% 1.0190 1.46% 1.0146 3.00% 1.0200 Apr 1 - Mar 31 2.42% 1.0200 1.85% 1.0185 1.43% 1.0143 3.33% 1.0200 Jun 1 - May 31 2.46% 1.0200 1.78% 1.0178 1.31% 1.0131 4.23% 1.0200 Jul 1 - Jun 30 2.44% 1.0200 1.81% 1.0181 1.23% 1.0123 Coming January 2022 Aug 1 - Jul 31 2.40% 1.0200 1.89% 1.0189 1.14% 1.0114 Sep 1 - Aug 31 N/A N/A 1.96% 1.0196 1.09% 1.0109 Oct 1 - Sep 30 2.30% 1.0200 1.93% 1.0193 1.18% 1.0118 Division of Local Government and School Accountability Office of the New York State Comptroller Thomas P. DiNapoli • State Comptroller Property Tax Cap Inflation and Allowable Levy Growth Factors December 2021 As defined in law, the allowable levy growth factor is the lesser of one plus the inflation factor or one and two-one-hundredths. For periods where the inflation factor is less than 2 percent, the allowable levy growth factor is equal to one plus the inflation factor. Inflation Factors and Allowable Levy Growth Factors by Fiscal Year Fiscal Year Fiscal Years Beginning Inflation Factor Allowable Levy Growth Factor Inflation Factor Allowable Levy Growth Factor Inflation Factor Allowable Levy Growth Factor Inflation Factor Allowable Levy Growth Factor Jan 1 - Dec 31 1.56% 1.0156 0.73% 1.0073 0.68% 1.0068 1.84% 1.0184 Mar 1- Feb 28 1.58% 1.0158 0.45% 1.0045 0.80% 1.0080 1.99% 1.0199 Apr 1 - Mar 31 1.62% 1.0162 0.31% 1.0031 0.93% 1.0093 2.05% 1.0200 Jun 1 - May 31 1.68% 1.0168 0.12% 1.0012 1.15% 1.0115 2.13% 1.0200 Jul 1 - Jun 30 1.62% 1.0162 0.12% 1.0012 1.26% 1.0126 2.13% 1.0200 Aug 1 - Jul 31 1.48% 1.0148 0.24% 1.0024 1.36% 1.0136 2.09% 1.0200 Oct 1 - Sep 30 1.25% 1.0125 0.40% 1.0040 1.63% 1.0163 2.05% 1.0200 Note: On October 18, 2016, the Bureau of Labor Statistics announced a correction to four months (May-August) of the 2016 monthly CPI-U figures. These revisions would have resulted in a slight downward change (0.68 percent to 0.67 percent) to the 2017 allowable levy growth factor (inflation factor) for calendar year local governments. Due to the late timing of these revisions, the 2017 inflation factor was not changed. For more information on the changes to the CPI-U, visit the Bureau of Labor Statistics’ website at: www.bls.gov/bls/errata/cpi-price-corrections-10182016.htm. Data For Prior Years Like us on Facebook at facebook.com/nyscomptroller Follow us on Twitter @nyscomptroller