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NY A01379

Bill

Official Source

Status

Introduced

1/17/2023

Primary Sponsor

Nily Rozic

Click for details

Origin

Assembly

2023-2024 General Assembly

AI Summary

  • Adds new section 11-239.1 to the New York City Administrative Code to regulate property tax assessments following decreased valuations
  • Limits assessed value increases for properties with decreased market value to the lesser of the prior year's assessed value or the product of the assessment ratio times 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

1/3/2024

Committee Referrals

Real Property Taxation1/17/2023

Full Bill Text

No bill text available