BINGHAMTON – The City of Binghamton is among ten cities in the state that have nearly reached the limit on how much they can tax their property owners.
New York State Comptroller Tom DiNapoli released a report identifying municipalities that have almost exhausted their constitutional tax limit or CTL.
The CTL caps the amount of tax revenue a municipality can raise based on the overall size of its property tax base.
Binghamton is currently at 89.1% of its CTL.
Municipalities often get close to their CTL when they’ve raised property taxes, or seen their real property tax base stagnate or go down.
Mayor Rich David says this is a problem he inherited when taking over in 2014 when the city was already at 88% of the limit.
He says he’s made property tax reduction a major objective of his administration and he plans to propose another tax cut in his 2020 budget.