The Peru Gazette

The state’s tax cap law, enacted in 2011, was designed to rein in out-of-control property taxes by limiting any increase to the local property tax levy to either 2 percent or the rate of inflation, whichever is less. Increasing the tax levy is a common method of making up budget holes after state aid and other revenues are applied. Districts can override the cap if 60 percent of voters approve their budget, but the mere act of proposing a spending plan that would override the cap is risky enough to prevent most districts from trying.

Source: Dinapoli: New York schools must limit property tax levy to 1.26 percent – Times Union