NY A10935

Limits New York City's annual property tax levy increase to no more than 2 percent of the prior fiscal year's amount unless specific requirements are met.

Requires the city to issue a report to the state legislature and NYC Council containing "PROPOSED TAX INCREASE" in bold 18-point font on the first five pages, detailing property tax levy growth, assessed values by tax class, and proposed tax rates compared to prior year and prior 10 years.

Mandates publication of notices in at least three newspapers of general circulation comparing proposed tax rates to rates assuming zero tax growth, with 18-point bold "PROPOSED TAX INCREASE" heading and examples of property tax impacts on different property classes.

Requires the city to hold a series of public hearings on proposed tax increases at convenient hours and geographically diverse locations throughout the city prior to budget adoption, subject to open meetings law requirements.

Takes effect immediately and applies to the first fiscal year following enactment.