2006 New York Code - Limitations on amount to be raised by real estate taxes for local purposes; exceptions.

 
    §  10.  Hereafter,  in  any  county,  city, village or school district
  described in this section, the amount to be raised by tax on real estate
  in any fiscal year, in addition to providing for the interest on and the
  principal of all indebtedness, shall not exceed an amount equal  to  the
  following  percentages  of  the  average  full valuation of taxable real
  estate of such county, city, village or school district, less the amount
  to be raised by tax on real estate in such year for the payment  of  the
  interest  on  and  redemption  of  certificates  or  other  evidence  of
  indebtedness described in paragraphs A and D of  section  five  of  this
  article, or renewals thereof:
    (a)  any  county,  for  county  purposes, one and one-half per centum;
  provided, however, that the legislature may prescribe a method by  which
  such limitation may be increased to not to exceed two per centum;
    (b)  any  city of one hundred twenty-five thousand or more inhabitants
  according to the latest federal  census,  for  city  purposes,  two  per
  centum;
    (c)  any  city  having  less  than  one  hundred  twenty-five thousand
  inhabitants according to the latest federal census, for  city  purposes,
  two per centum;
    (d) any village, for village purposes, two per centum;
    (e)  Notwithstanding  the  provisions of sub-paragraphs (a) and (b) of
  this section, the city of New York and the counties  therein,  for  city
  and county purposes, a combined total of two and one-half per centum.
    The  average  full  valuation  of  taxable real estate of such county,
  city, village or school district  shall  be  determined  by  taking  the
  assessed  valuations  of  taxable  real  estate  on  the  last completed
  assessment rolls and the four preceding  rolls  of  such  county,  city,
  village  or  school  district, and applying thereto the ratio which such
  assessed valuation on each of such rolls bears to the full valuation, as
  determined by the state tax commission or by such other state officer or
  agency as the legislature shall by law  direct.  The  legislature  shall
  prescribe  the  manner  by  which  such ratio shall be determined by the
  state tax commission or by such other state officer or agency.
    Nothing contained in this section shall  be  deemed  to  restrict  the
  powers   granted   to  the  legislature  by  other  provisions  of  this
  constitution to further restrict the powers of any county,  city,  town,
  village or school district to levy taxes on real estate.