WHEREAS, the State Legislature and the Governor enacted legislation that establishes a “property tax cap” on the amount that a local government’s property tax levy can increase each year, and

WHEREAS, under this law, the total amount to be raised through property taxes charged on the municipality’s taxable assessed value of property will be capped at two (2) per percent or the rate of inflation, whichever is less, with some exceptions, and

WHEREAS, state legislation provides for local governments to override the Cap to protect from unforeseen financial circumstances, and

WHEREAS, state legislation requires that in the event that an override is necessary, the law enabling it must already have been adopted by the Board of Trustees prior to the adoption of the fiscal year budget;

NOW, THEREFORE BE IT RESOLVED that the Board of Trustees of the Village of Pleasantville hereby authorizes the Village Clerk to Notice a Public Hearing for Monday, February 14, 2022 at 8:000pm to be held via teleconference to hear comments on Introductory Local Law 1 of 2022 Overriding the Property Tax Cap for Village Fiscal Year 2022-2023.