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NY S07640
Bill
Status
Passed
6/29/2012
Primary Sponsor
Martin Golden
Click for details
AI Summary
- Amends Real Property Tax Law Section 1803-a to cap increases in current base proportions for property classes in cities at 1.5 percent for fiscal year 2013
- Limits the current base proportion of any class to not exceed the adjusted base proportion of the immediately preceding year by more than 1.5 percent
- Requires the legislative body of affected cities to adjust current base proportions of remaining classes so the total equals one if the standard computation would exceed the 1.5 percent increase limit
- Requires cities that issued fiscal year 2013 tax bills before this act takes effect to revise base proportions, reset tax rates, and send amended tax bills
- Preserves taxpayer obligations for tax installments due before amended bills are sent, with payment determined under law in effect prior to this act's effective date
Legislative Description
Provides that in an assessing unit which is a city the current base proportion of any class shall not exceed the adjusted base proportion or adjusted proportion of the preceding year by more than 1 1/2 precent.
Last Action
SIGNED CHAP.90
6/29/2012
Committee Referrals
Ways and Means6/19/2012
Rules6/11/2012
Full Bill Text
No bill text available