NY A11154

Authorizes Nassau County to adopt a local law providing a 10 percent exemption from taxation on certain Class One residential properties if the county completes a reassessment for the January 2019 tentative assessment roll (2020-21 final assessment roll).

Exemption applies to Class One properties with full values not exceeding $500,000, excluding new construction since January 1, 2011.

Exemption is available only if the property's full value on the 2020-21 assessment roll either decreased from or is not more than 20 percent greater than its full value on the 2019-2020 assessment roll.

Exemption applies to assessment rolls beginning with the 2020-2021 tax year through the 2024-2025 tax year.

Enacted to mitigate negative effects on Class One taxpayers most impacted by disproportionate prior county assessments.