NY S07160

Amends real property tax law to allow cities to determine the percent increase of current base proportions for fiscal year 2022, with a maximum cap of 5 percent over the prior year's adjusted base proportion.

Requires the local legislative body of the city to make this determination by October 1, 2021.

Allows cities that already sent out fiscal year 2022 property tax bills before this act becomes law to revise base proportions, reset tax rates, and send amended bills to taxpayers.

Protects taxpayers from retroactive obligations by maintaining that tax installments due before amended bills are sent remain governed by the law in effect prior to this act's effective date.

Takes effect immediately upon enactment.