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NY S00513
Bill
Status
Introduced
1/6/2021
Primary Sponsor
Andrew Gounardes
Click for details
AI Summary
- Limits New York City real estate tax levies to no more than 2% annual increase over the prior fiscal year unless specific requirements are met
- Requires the city to issue a detailed report to the state legislature and NYC Council highlighting proposed tax increases, property tax levy growth, assessed values by property class, and comparison of proposed versus zero-growth tax rates
- Mandates publication of notices in at least three newspapers of general circulation with "PROPOSED TAX INCREASE" in bold 18-point font, comparing proposed tax rates to zero-growth rates with examples for each property tax class
- Requires the city to hold a series of public hearings on proposed tax increases at convenient times and geographically diverse locations throughout the city before budget adoption
- Takes effect immediately and applies to the first fiscal year after enactment
Legislative Description
Enacts the New York City truth in budgeting act to require notice and a public hearing prior to an increase in the real property tax levy greater than two percent over the prior year.
Last Action
REFERRED TO CITIES 1
1/5/2022
Committee Referrals
Cities 11/6/2021
Full Bill Text
No bill text available