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NY A11123
Bill
Status
10/1/2018
Primary Sponsor
David Weprin
Click for details
AI Summary
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Caps property tax base proportion increases at 0.5% for any class in cities during fiscal year 2019, preventing the current base proportion from exceeding the prior year's adjusted base proportion by more than one-half of one percent.
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Requires cities where the standard calculation would exceed the 0.5% cap to limit the increase to that amount and redistribute the current base proportions among remaining classes so the total equals one.
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Authorizes cities that issued fiscal year 2019 tax bills before this act becomes law to revise base proportions, reset tax rates, and send amended bills to implement these provisions.
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Protects taxpayers by stating that payment obligations for tax installments due before amended bills are sent remain determined under prior law, and allows cities discretion in determining when amended bills are sent.
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Takes effect immediately upon enactment.
Legislative Description
Relates to the determination of adjusted base proportions in special assessing units which are cities for the fiscal year two thousand nineteen; provides that the current base proportion of any class shall not exceed the adjusted base proportion of the immediately preceding year by more than one-half of one percent.
Last Action
signed chap.306
10/1/2018