The state Department of Taxation and Finance, in conjunction with the Department of State, released guidelines for the implementation of the property tax cap this week. The document is designed to assist local governments in the proper implementation of the property tax cap.
Under the tax cap enacted earlier this year, the annual increase in county, city, town, village and special district tax levies is limited to the lesser of 2% or the rate of inflation beginning with 2012 fiscal years. School districts are affected starting in their 2012-13 budgets. The cap does not cover additional taxes generated by new construction in the municipality and some pension costs above a certain level.
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