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NY S00011
Bill
Status
Introduced
1/4/2023
Primary Sponsor
Andrew Gounardes
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AI Summary
- Modifies the cap on assessed value growth for Class One properties in New York by adding income and property value thresholds
- Limits the six percent annual assessment increase cap and twenty percent five-year period cap only to Class One properties with market values under three million dollars where owners have gross household income not exceeding $250,000
- Properties exceeding three million dollars in market value or owned by households earning over $250,000 would no longer be subject to these assessment increase caps
- Takes effect January 1st following enactment and applies to assessment rolls completed on or after the effective date
- Authorizes regulatory agencies to adopt necessary rules and regulations prior to the effective date
Legislative Description
Provides that the cap on assessment increases for class one dwellings shall not apply to dwellings assessed at over three million dollars where the owners have a gross household income not exceeding $250,000.
Last Action
REFERRED TO LOCAL GOVERNMENT
1/3/2024
Committee Referrals
Local Government1/4/2023
Full Bill Text
No bill text available