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NY S01288

Bill

Official Source

Status

Engrossed

6/20/2017

Primary Sponsor

Tony Avella

Click for details

Origin

Senate

2017-2018 General Assembly

AI Summary

  • Amends the New York City Administrative Code by adding section 11-239.1 regarding property assessments following decreased valuation
  • Limits assessed value increases for one year after a property's market value decreases to the lesser of the prior year's assessed value or the product of the assessment ratio times the current market value
  • Applies only to class one and class two properties as defined in section 1802 of the real property tax law
  • Takes effect immediately upon enactment

Legislative Description

Prohibits the city of New York from increasing property taxes where a property's assessed value has decreased in the previous year; applies only to class one and class two properties.

Last Action

COMMITTED TO RULES

6/20/2018

Committee Referrals

Rules6/20/2018
Cities1/3/2018
Real Property Taxation6/20/2017
Cities1/9/2017

Full Bill Text

No bill text available