A10600 - Five Borough Fair Property Tax Act

• Establishes new "Class One-A" property classification in cities with population over one million, encompassing one to three-family residential properties, cooperatives, condominiums, and certain vacant land, while reclassifying existing Class One properties to apply only outside such cities.

• Requires assessment of all residential property at 100 percent of fair market value in large cities and implements a five-year phase-in period for tax increases on Class One properties beginning with assessment rolls completed in 2025.

• Creates a homestead exemption providing 2-20 percent exemption from taxation for Class One properties serving as primary residences, with exemption percentages declining based on household income from $375,000 to $500,000.

• Establishes a circuit breaker tax abatement for Class One and Two residential properties where tax liability exceeds 10 percent of household income, providing abatement percentages ranging from 100 percent (for households earning $58,000 or less) down to 2 percent (for households earning $85,000-$100,000), capped at $10,000 maximum abatement.

• Repeals prior partial tax abatement provisions for cooperative and condominium properties and eliminates the class share assessment system, instead basing property class tax rates on fair market value proportion.