NY S07489

Amends the real property tax law to add the 2016-2017 assessment roll to the list of assessment rolls subject to the one percent cap on current base proportion increases in Suffolk County approved assessing units.

Limits the current base proportion of any property class to no more than a one percent increase over the adjusted base proportion of the immediately preceding year for the 2016-2017 assessment roll (compared to two percent for earlier rolls).

Requires the legislative body of an approved assessing unit to adjust the current base proportions of affected classes so that the sum of all current base proportions equals one when the one percent cap would otherwise be exceeded.

Takes effect immediately upon enactment.