CLICK IMAGE TO ENLARGE:  
www.osc.state.ny.us_localgov_realprop_pdf_growthfactors.pdf
Source:
Property Tax Cap Fiscal Years Beginning 2014 | Thomas P. DiNapoli

From The Torch:

Under the law passed in 2011, the cap on tax levies is set at the lesser of 2 percent or the rate of the growth in an “inflation factor,” calculated as the average monthly change in the Consumer Price Index (CPI) for the 12-month period ending six months before the start of the fiscal year.

The actual cap will differ by locality, depending primarily on the amount of allowable exclusions for growth in the local property values. Localities also will be able to exclude the amount by which the change in pension contributions exceeds two percentage points. DiNapoli will be announcing 2014-15 contribution rates any day now.

[snip]

The cap is more difficult for school districts to exceed, since school budgets (outside the “big five” cities) are subject to approval in a public referendum. Their cap is based on the average of 12 months ending in December — a number that won’t be known until mid-January. Based on current inflation trends, however, schools should also be ready to deal with a starting-point cap of less than 2 percent next year. This time around, their pension exclusion won’t kick in, so the average effective school tax levy cap will be much closer to 2 percent than it was in 2013-14.

Local tax cap drops to 1.66% for 2014 | E.J. McMahon | The Torch | August 16, 2013