Relates to the formula for the real property tax cap

This bill amends the formula used by New York local governments and school districts to calculate their annual property tax levy limits. It revises the calculation steps to include factors like the highest past tax levy, tax base growth, payments in lieu of taxes, and allowable growth multipliers, while adjusting for specific prior-year expenditures. The changes directly affect all cities, towns, villages, and school districts that must adhere to the state's property tax cap. The bill is currently referred to the Local Governments committee and takes effect immediately upon enactment.