NY S04930

Amends General Municipal Law Section 3-b to allow New York City and its counties to include a reserve for estimated uncollectible taxes in real estate tax calculations for fiscal years beginning July 1, 2021 and later.

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

Excludes tax abatements and exemptions from the uncollectible reserve calculation, including abatements under Real Property Tax Law sections 467-a, 467-b, 467-c, 467-f, 467-h, 467-i, 489, 499-b, and other statutes authorizing abatement or exemption.

Requires the city to credit any amounts collected during the fiscal year from prior tax levies, including real property tax lien sales, against the uncollectible reserve.

Takes effect immediately upon enactment.