NY S06294

Amends General Municipal Law Section 3-b to add three new subdivisions effective July 1, 2017 for New York City and its counties regarding real estate tax limitations.

Allows inclusion of a reserve for estimated uncollectible taxes in the amount to be raised by real estate tax, minus any amounts collected from prior year levies including real property tax lien sales.

Defines "uncollectible" as taxes that taxpayers do not pay because they cannot or choose not to pay.

Excludes from the uncollectible reserve any tax abatements or exemptions, including those authorized under specific sections of the Real Property Tax Law and Chapter 20 of the Laws of 2015.