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Board of Education Meeting

​

Explanation of Tax Levy Cap

​

February 8, 2024

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NYS Tax Cap Formula

       

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Key Multipliers in the Formula

  • Lower of 2% or CPI
    • 2020-21 1.81%
    • 2021-22 1.23%
    • 2022-23 4.73% → 2%
    • 2023-24 8.00% → 2%
  • 2024-25 4.12% → 2%
  • Tax base growth factor (Mineola)
    • 2020-21 1.0035
    • 2021-22 1.0000
    • 2022-23 1.0042
    • 2023-24 1.0000
  • 2024-25 1.0025

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Part 1 of the Formula

(Adjusted prior year tax levy)

(

(

Prior Year Tax Levy

x

Tax Base Growth

+

Capital Expense Exemption

Tort Exemption

Prior Year PILOTS

-

-

(

(

85,506,600

x

1.0025

Capital Expense Exemption

0

85,720,367

+

-

[

[

[

[

Supplied annually by the State Taxation and Finance Department. This numerical value adjusts the tax levy limit to reflect an increase in the full value of taxable real property in a district due to new growth or significant additions to existing properties

=

3,500,000

-

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Complete Part 1 of the Formula

(

(

85,506,600

x

1.0025

=

1,637,216

3,500,000

85,720,367

+

-

[

= An adjusted prior year tax levy of 87,583,151

0

-

[

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Formula for Determining the Levy Cap

(Adjusted prior year tax levy)

87,583,151

Levy growth factor

(2% or CPI)

Coming Year

PILOTS

x

Levy Cap

Carryover

Capital

+

=

[

[

The allowable Levy Growth Factor is the lesser of 2% or the inflation rate factor. If the inflation rate is less than 2%, then the allowable Levy Growth Factor is the sum of 1 plus an inflation rate (average of last 2 years CPI).

-

+

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Formula for Determining the Levy Cap

(Adjusted prior year tax levy)

87,583,151

x

[

[

The allowable Levy Growth Factor is the lesser of 2% or the inflation rate factor. If the inflation rate is less than 2%, then the allowable Levy Growth Factor is the sum of 1 plus an inflation rate (average of last 2 years CPI).

1.02 = 89,334,814 - 3,700,000 + Capital + Carryover = Levy Cap

2% or

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2024-25 Capital Exemption Calculation

Debt in Budget

685,150

Bus Leases

140,194

EPC

1,004,076

BOCES Capital Exclusion

91,247

SUB-TOTAL

1,920,667

MINUS

​

Building & Transportation AID

476,414

​

​

Total Capital Exclusion for 24-25

1,444,253

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Formula for Determining the Levy Cap

(Adjusted prior year tax levy)

87,583,151

x

[

[

The allowable Levy Growth Factor is the lesser of 2% or the inflation rate factor. If the inflation rate is less than 2%, then the allowable Levy Growth Factor is the sum of 1 plus an inflation rate (average of last 2 years CPI).

1.02 = 89,334,814 - 3,700,000 + 1,444,253 + 12,470 = $87,091,536

2% or

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2023-24 Tax Levy

85,506,600

​

​

2024-25 MAXIMUM Allowable Tax Levy

87,091,536

​

​

Allowable Tax Levy Increase

1,584,936

​

or

​

1.85%