Except for new construction. And then there are additional revenue sources like motor vehicle excise, fractional, blah, blah, blah. Since that provision was in place, if you average it all out, just The rate of inflation on average has been 25% higher than 2.5% increase every year. So just to maintain the same level of services and not have to have cuts, municipalities are having to figure out an additional 25% from somewhere, whether it's new construction, … (15:02–15:09)
CLAIM
Asserts that inflation has outpaced the property tax increase cap by 25%.
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