This is the first study to examine the fiscal effects of the New York property tax levy limit, using variation from the degree of fiscal stringency across school districts and over time in its first five years of implementation. Based on a difference-in-differences estimator coupled with an event study specification, we find that the tax limit has imposed a real cap on many school districts; that is, at-limit districts' total current expenditures per pupil are significantly lower than what they would have spent absent the limit. For those affected school districts, this expenditure gap does not come from spending on teacher salaries or fringe benefits but rather from other instructional salaries/expenses, central administration, transportation, interfund transfers, and undistributed spending. We also find heterogeneity in the constraining effects of the tax limit across different need-based groups of school districts.

中文翻译：

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限制与差距：纽约财产税征收限额的财政影响

这是第一个研究纽约物业税征收限额的财务影响的研究，使用的是不同学区的财政严格程度以及在实施的最初五年中随时间推移的变化。基于差异差异估算器和事件研究规范，我们发现税收限制对许多学区施加了实际上限；也就是说，在限制范围内，每个学生的当前总支出大大低于在没有限制的情况下的支出。对于那些受影响的学区，这种支出缺口不是来自教师工资或附带福利的支出，而是来自其他教学工资/支出，中央管理，交通，基金间转移和未分配支出。