Relates to the amount of the allowable levy growth factor and the percentage of votes needed to override the tax levy limit

This bill modifies property tax limits for local governments and school districts in New York. It changes the "allowable levy growth factor" to be the greater of 1.02 (2% growth) or 1 plus the inflation factor (with a minimum 1.02), and lowers the vote threshold needed to override tax levy limits from 60% to a simple majority (more than 50%) of votes cast. School districts and municipalities would now require only 51% voter approval (instead of 60%) to approve budgets exceeding tax levy limits. The bill also updates ballot language to clarify that tax levy increases require voter approval. These changes apply to all local governments and school districts subject to existing tax cap rules.