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 Fillable Online Tax Ny it 242 New York State Department of 2023

It 242 2023-2025 Form

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Instructions and help about it 242 conservation easement

New York State's property tax levy cap what is it and how does it affect our Public Schools or to put it another way where is a 2% tax cap not a 2% cap on tax increases in New York state that's where why because despite being touted by some politicians and the media as a 2% tax cap the law does not prevent your school tax bill from increasing by more than 2% each year so what does it do it requires each Public School District to calculate a tax levy limit each year using a complicated eight-step formula dictated by the state how complicated you ask well you start with the prior year total tax levy wait what's the tax levy it's the total amount of property taxes a school district collects from Property Owners to balance its budget after accounting for state aid and any other Revenue sources back to the formula start with a prior your tax levy multiply that by the tax BAS growth factor then add pilot payments received in the prior year and subtract any tax

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