News
A Statement by NYSAC Executive Director Stephen J. Acquario on the Property Tax Cap Announcement
- By: NYSAC
- On: 07/18/2016 15:57:10
- In: Press Releases
Statement on County Property Tax Cap
Counties remain concerned about the state and regional economy and its impact on our ability to serve in our communities. Today, NYS Comptroller Thomas P. DiNapoli reported that local property tax revenues will be capped at .6% percent over last year, based on low inflation. This announcement comes after the State Department of Taxation and Finance presented 2nd quarter sales tax revenues, which showed 37 counties collected less in the 2nd quarter of 2016 than they did in the same quarter last year.
County operations are funded through a combination of sales and property tax revenues. From those revenues, counties must first fund state mandated programs and services, the cost of which is growing faster than the revenue counties receive.
Whatever is left then funds local quality of life programs like 9-1-1 emergency response, road patrols, aging and youth services, parks and recreation, and capital programs.
In the past five years, counties have sold assets and depleted reserves to meet the state's property tax cap requirements.
The low sales and property tax revenues announced in the past few days will require counties to further reduce local programs and services.
To learn more about NYS counties and the property tax cap visit www.nysac.org/propertytaxcap
###
The New York State Association of Counties is a bipartisan municipal association serving the counties of New York State. Organized in 1925, NYSAC's mission is to represent, educate and advocate for member counties. www.nysac.org