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NY A00401

Bill

Official Source

Status

Introduced

1/6/2021

Primary Sponsor

Nily Rozic

Click for details

Origin

Assembly

2021-2022 General Assembly

AI Summary

  • Adds new section 11-239.1 to the New York City Administrative Code regarding property assessments after valuation decreases
  • For one year following a decrease in a property's market value, the assessed value shall be 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 Real Property Tax Law section 1802
  • 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

referred to real property taxation

1/5/2022

Committee Referrals

Real Property Taxation1/6/2021

Full Bill Text

No bill text available