Imposing a limit upon the real property tax levy.

This local law would prohibit the City Council from adopting a budget for the ensuing fiscal year that would require a property tax levy to be generated that is either two percent or the rate of inflation larger, whichever is less, than the prior year’s property tax levy. The Council may authorize the passage of a budget with a larger-than-authorized levy, it is passes a resolution with a two-thirds majority stating the reasons why the exception for the ensuing fiscal year is needed.