These have been difficult years for local governments, but I didn't realize the challenges were hitting this close to home:
Eight local governments are dangerously close to exceeding their constitutional tax limit -- Cortland County, Binghamton, Gloversville, Jamestown, Lackawanna, New York City, Village of Herkimer and Village of Lyons. If a local government exceeds this limit, which is different from the property tax cap, state aid is withheld. Since the limit is calculated as a percentage of the five-year property value, more local governments may face this dilemma.
Binghamton is also there, and that largest of all New York State municipalities, New York City. Hopefully this won't create large problems for Dryden's neighbor.
(Cortland County is at 92.37% of their limit. New York City is at 95.09%, according to the linked report.)Posted by simon at August 1, 2012 11:30 AM in New York State , public finance