Like Social Security, the Property Tax Cap is governed by the Consumer Price Increase.
Social Secutiry benefits next year will increase by 5.9% (Source: Associated Press.)
The Tax Cap (called PTELL by insiders) is governed by the annual CPI issued for the calendar year.
And it applies to taxes paid the next year.
So, if tax districts show they typical inability to refrain from tax hikes, expect your will to go up by as much as five percent, th emaximun allowed under the law for non-Home Rule units of government.
That’s the biggest increase to Social Security checks in 39 years.