[Adopted 10-6-1981 by L.L. No. 4-1981]
A. 
In recent years, the real property tax burden on residents of suburban towns, such as the Town of Ramapo, has approached confiscatory levels. This is due to the imposition of taxes at various levels of local government, i.e., county, village, town and school district. Should present trends continue unchanged, projections indicate no substantial relief in this regard. Article VIII, § 10, of the Constitution of the State of New York imposes specific limitations on the amounts which counties, cities, villages and certain school districts may raise by levies upon real property. However, towns and central school districts have never been included in such constitutional provisions, except for debt limitations.
B. 
The Town of Ramapo believes that the time has come to adopt restrictions on a town's taxing authority, such as those provided by Article VIII, § 10, of the State Constitution for other levels of local government. Therefore, it is the intent of this article to establish a tax limitation on the Town tax in the Town of Ramapo. It is believed that no local government should have an unlimited power to tax and that all local governments should be included within constitutional provisions. This article is Ramapo's contribution to such an effort.
Hereafter, in the Town of Ramapo, the amount of taxes to be raised by the General Fund, the Part-Town Fund and the Part-Town Police Fund in any fiscal year, in addition to providing for the interest on and the principal of all indebtedness, shall not exceed an amount equal to 8/10 of 1% of the average full valuation of taxable real estate in the Town, based on a prior five-year average, less the amount to be raised by tax on real estate in such year for the payment of the interest on and redemption of certificates or other evidence of indebtedness described in Subdivisions A and D of § 5 of Article VIII of the Constitution of the State of New York, or renewals thereof.
The average full valuation of taxable real estate of the Town shall be determined by taking the assessed valuations of taxable real estate on the last completed assessment roll and the four preceding rolls of the Town and applying thereto the ratio which such assessed valuation on each of such rolls bears to the full valuation, as determined by the State Tax Commission or by such other state officer or agency as the Legislature shall by law direct. The Legislature shall prescribe the manner by which such ratio shall be determined by the State Tax Commission or by such other state officer or agency.