The cap, signed into law in June, restricts the growth in the tax levy to 2 percent a year or the rate of inflation, whichever is lower. But according to Consumer Price Index figures used by the Comptroller’s Office, the rate of inflation is slightly more than 2 percent — so the cap amount will, in fact, be 2 percent.
This year, according to CPI estimates, the growth in property taxes would have been limited to about 1.6 percent.
The specific percentage has been eagerly anticipated by schools and local governments. They haven’t been sure how the state would calculate the rate of inflation and whether it would fall below 2 percent, making that cap even that much more restrictive.
The cap takes effect Jan. 1 for local governments and July 1 for schools, which is the start of the next school year.