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NY S02819

Bill

Official Source

Status

Introduced

1/29/2019

Primary Sponsor

Leroy Comrie

Click for details

Origin

Senate

2019-2020 General Assembly

AI Summary

  • Adds new section 11-239.1 to the New York City Administrative Code governing property tax assessments following a decrease in property market value
  • For one year after a property's market value decreases, the assessed value shall be the lesser of the prior year's assessed value or the current market value multiplied by the assessment ratio
  • Applies only to Class 1 and Class 2 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

REPORTED AND COMMITTED TO FINANCE

2/25/2020

Committee Referrals

Finance2/25/2020
Cities1/8/2020
Finance2/12/2019
Cities1/29/2019

Full Bill Text

No bill text available