NY S08497

Amends real property tax law to cap annual increases in current base proportions for property classes at one percent for the 2022 assessment roll in special assessing units that are not cities in Nassau County.

Extends the one percent cap on base proportion increases to the 2022-2023 assessment roll in Suffolk County approved assessing units, in addition to previously established two percent caps for earlier years.

Adds new provision allowing Nassau County approved assessing units to adopt a one percent cap on base proportion increases for the 2022 assessment roll if they pass a local law, ordinance, or resolution.

Requires legislative bodies to adjust remaining property class base proportions so the total equals one when increases are capped under these provisions.

Takes effect immediately for special assessing units in Nassau County, and for Nassau County approved assessing units that pass enabling local legislation.