NY A08646

Amends Real Property Tax Law Section 1903 to limit increases in current base proportions for property tax classes in approved assessing units in Nassau County to no more than 1 percent annually.

Applies only to Nassau County assessing units that have passed a local law, ordinance, or resolution adopting these provisions.

Requires that when current base proportion computations would exceed the 1 percent increase cap, the legislative body must adjust the proportions of one or both classes so their sum equals one.

Takes effect immediately and applies to taxes levied based on the 2014 assessment roll in qualifying Nassau County assessing units.