N.Y. VIL Law § 5-514

§ 5-514 Limitation of tax levy. I. The amount which may be raised by\ngeneral village tax on real estate in any fiscal year for village\npurposes, shall be the same amount as a village may raise under the\nprovisions of article eight of the constitution.\n 2. If any joint indebtedness described in title one-A of article two\nof the local finance law is allocated and apportioned, or is excluded,\nunder or pursuant to such title or any other provision of law for the\npurpose of determining the debt-contracting power of a county, city,\ntown, village or school district, such allocation and apportionment, or\nexclusion, shall not limit the amount to be raised in any village\noutside the limitations applicable to villages set forth in article\neight of the constitution to provide for the interest on and the\nprincipal of any greater proportionate share of such debt service which\nthe village has agreed or is required to provide. The total of the\namounts which may be so raised by all participating public corporations\noutside any limitation imposed by or pursuant to article eight of the\nconstitution to provide for their respective portions of any payment of\nprincipal or of interest on joint indebtedness shall not exceed the full\namount required to be provided by all of such participants to make any\nsuch payment.\n