Yes. The tax cap limits annual levy growth to the lesser of 2% or the rate of inflation, subject to certain limited exemptions and adjustments for growth in the full value of taxable real property.
The Office of the State Comptroller (OSC) is expected to make the library’s 2023-24 fiscal year tax cap data available in mid-April 2023.
An association library board can propose a tax levy that exceeds the tax cap with a 60% vote of their total board; after considerable planning and evaluation by the board’s finance committee, Skaneateles Library trustees unanimously approved a tax cap override – in the event that it is needed – at a regular meeting on December 13, 2022. The proposed levy must be approved by a simple majority of voters (+50%) and is planned for use in the library’s 2023-24 operating budget.