SHERIDAN - A public hearing has been set for 7:15 p.m. on Sept. 20 at the town hall to allow public comment on a resolution to override the state mandated 2 percent tax cap. Two-thirds of the town board must vote in favor of the resolution for it to pass.
Town attorney Jeffrey Passafaro advised the Sheridan town council members at its August board meeting to pass a resolution to override the tax cap as a "safe harbor" for the town. He said the resolution should be passed before the new budget is developed later in the year.
Passafaro explained overriding the tax cap would provide leeway "in the case of a mistake in Albany" or locally in the calculations to determine the formula.
The tax cap, while commonly referred to as the 2 percent cap, is calculated with a formula in Albany. According to the Empire Center for New York State policy, the cap "will seldom be exactly 2 percent" and can vary up or down from the figure based on a variety of local factors.
The cap can be overridden if 60 percent of the town board approves the increase.
The state has issued the final equalization rate for property values in the town. At 70 percent, the rate has stayed the same as recent years. A number closer to 100 suggests a municipality's assessed values are more closely aligned with market values.