Quiz: How much do you know about New York's Tax Levy Cap?
8 Questions I 52 Attempts I Created By goshencsd 581 days ago
In June, the New York State Legislature passed a property tax levy cap that will take effect this coming budget season and affect district planning for the 2012-13 school year. Confusion abounds, and the goal of this online quiz is to help district residents better understand New York's tax levy cap, often referred to as the "2 percent tax cap."
Question Excerpt From Quiz: How much do you know about New York's Tax Levy Cap?
| Q.1) |
Under the new tax levy cap law, my tax bill will only increase by 2%.
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| Q.2) |
The new law will limit the district's tax levy increase by 2%.
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| A. |
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| Q.3) |
Why is the "tax levy limit" important?
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| Q.4) |
When calculating the "tax levy limit," the new law takes into account some expenses that are outside the district's control.
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| Q.5) |
Do district residents still vote on the school budget?
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| Q.6) |
The Board of Education's options include:
Proposing a budget requiring a tax levy before exemptions at or below the “tax levy limit," requiring a simple majority of 50% voter approval; or proposing a budget requiring a tax levy before exemptions above the “tax levy limit,” requiring a super majority of 60% voter approval. This also requires a statement on the ballot indicating the required tax levy before exemptions exceeds the “tax levy limit.”
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| Q.7) |
What happens if the budget is voted down twice by district residents, and is forced to adopt a contingency budget?
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| Q.8) |
After a school district calculates its “tax levy limit,” it then adds exemptions into that amount to find its "maximum allowable levy." Adding these exemptions may cause the "maximum allowable levy" to be higher than a district's "tax levy limit" and would require 60 percent of votes to pass the budget.
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| A. |
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