Property tax levy growth for local governments will be capped at 0.68 percent for 2017, decreasing slightly from 2016, when it was 0.73 percent, according to State Comptroller Thomas P. DiNapoli. The latest inflation figure affects the tax cap calculations for local governments that operate on a calendar-based fiscal year (Jan 1. – Dec. 31) – which includes all counties, towns, fire districts, 44 cities and 10 villages.
Mid-Hudson Region Shows Economic Strength Following Recession
New York State Comptroller DiNapoli released an economic profileof the Mid-Hudson region. The region’s proximity to New York City and quality transportation systems continue to drive economic activity, but the high costs of housing and doing business could impede future growth.
State Faces Potential Budget Gaps
New York state faces potential budget gaps in future years, according to an analysisof the state’s Financial Plan released by State Comptroller Thomas P. DiNapoli. The budget gaps result from spending increases and tax reductions enacted this year, and the use of temporary resources to pay for recurring costs.
State Tax Collections Dip
Tax collections totaling $19.8 billion fell short of projections for New York state in the first quarter of the state’s fiscal year, a decline of $797.6 million, or 3.9 percent, from the same period last year and $454.1 million below projections, according to the June state cash report issued by State Comptroller Thomas P. DiNapoli.