Rivera, Robert and Yuanshuo Xu. (2014). "NY Property Tax Cap: Impact Analysis." The Creative Responses to Fiscal Stress Project, Dept. of City and Regional Planning, Cornell University.
What is the current and future impact of the New York State Property Tax Cap on counties, cities, towns, and villages across the state? Our analysis uses data from the NYS Comptroller to look at the short-term expenditure impacts on critical service areas for local municipalities since the cap was enacted. For a long-term perspective we develop a “what-if” model that hypothetically applies the property tax cap ten years prior to determine the impact on local government revenue. We find capped revenue growth of counties, cities, towns and villages is insufficient to sustain critical services today. The total loss over ten years is 30% aggregated over all local governments. Towns and villages are most severely constrained.
Subject: