N.Y. General Municipal Law 980-K – Tax and debt limitations
§ 980-k. Tax and debt limitations. (a) The aggregate amount of outstanding indebtedness that is incurred to provide funds for capital improvements pursuant to this article shall be chargeable against the municipality's constitutional debt limit and may not exceed ten percent of the amount allowable under that limit. The aggregate amount of outstanding indebtedness that is incurred to provide funds for capital improvements pursuant to this article and that is chargeable against the property within the district may not exceed seven percent of the average full valuation of taxable real property in the district.
Terms Used In N.Y. General Municipal Law 980-K
- District: means a business improvement district established pursuant to this article. See N.Y. General Municipal Law 980
- District charge: means a levy imposed on behalf of the district as provided in the district plan. See N.Y. General Municipal Law 980
- Municipality: means a city, town or village within the state of New York. See N.Y. General Municipal Law 980
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) The district charge, exclusive of debt service, levied in a given year against real property in a district may not exceed twenty percent of the total general municipal taxes levied in that year against the taxable real property in the district. The district charge so levied shall be included in the total amount, if any, that the municipality is permitted by law to raise in that year by a tax on real property.