The 2013 calendar year average increase in the CPI was 1.46 percent. This is important because under the tax cap law, allowable increases in the property tax levy is based on either 2 percent or the rate of inflation, whichever is less. Therefore, districts will use a 1.46 percent inflation factor, not 2 percent, when they calculate their tax levy cap for 2014-15. The districts must submit their calculation to the state comptroller by March 1.
In Bronxville, we'll be paying attention to the board meetings and the budget workshops on Saturday, February 1, and Saturday, March 1 to learn about the local impact of the cap.
The cap continues to be a downward influence on school budgets throughout the state.