For all the talk about the property tax cap that seems headed our way, something has been kind of lost in the hubbub.
Chief among them is the fact that the proposed tax cap would not go into effect until the 2012-13 school year. That gives school districts one more year to play under the old rules (as long as your voters approve a budget, it's fair game).
Some of the other details worth noting (taken from the bill approved by the Senate in late January):
- A district's tax levy increase would be capped at 2 percent or the annual increase in the consumer price index, whichever is less.
- There is a way for schools to exceed the cap. If a district proposes a budget that exceeds the tax cap, the district would need 60 percent approval of the budget, rather than the standard 50 percent.
- If a budget fails to get voter approval, the district would have to submit a revised budget subject to a public vote on the third Tuesday in June. If this revised budget exceeds the tax cap, it would require approval by 60 percent of those voting.
- If the revised budget fails to get voter approval, the district would have to adopt a budget with no tax levy increase.
The tax cap, passed by the Senate and supported by the governor, still requires Assembly approval.
- Mary Pasciak