State comptroller reports largest one-year property tax jump since 2014

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A new report from the state comptroller’s office Tuesday indicates the highest one-year increase in state property taxes in five years.

So far this year, local governments have imposed $36.6 billion in property taxes – excluding New York City – amounting to a 2.4 percent bump from 2018. That’s the largest one-year change since 2014, when property taxes grew by 2.5 percent.

Still, this year’s increase is far lower than the one-year jumps reported prior to 2012, when the state implemented a property tax cap that generally restricts levy increases to 2 percent, with some exceptions. The cap was made permanent in the 2019-2020 budget.

The report also breaks down the sources of property taxes, with school districts contributing nearly $23 billion in 2019. Four counties – Erie, Oswego, Columbia and Nassau – reported more than 10 percent growth in property value over the past two years.

Read the complete report.

Albany Times-Union, Nov. 12, 2019

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