A drop in the inflation rate means the 2-percent annual cap on property-tax increases will really be 0.73 percent next year, causing new problems for already strapped municipalities, State Comptroller Thomas P. DiNapoli announced last week.
“Local-government officials need to brace for the lowest growth in their property-tax revenue in the tax-cap era,” Mr. DiNapoli said in an announcement July 20. “Municipalities may have to operate differently under these new limits. Even-tougher budget choices may be required on staffing levels, delivery of services, fund-balance reductions, and deferral of capital and infrastructure projects.”
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