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NY S00021
Bill
Status
1/4/2023
Primary Sponsor
Andrew Gounardes
Click for details
AI Summary
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Limits New York City's annual real estate tax levy increase to 2% of the prior fiscal year amount unless additional requirements are met.
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Requires the city to issue a detailed report to the state legislature and NYC Council comparing the proposed property tax increase to a zero-growth scenario, including historical context from the prior 10 fiscal years.
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Mandates publication of notices with "PROPOSED TAX INCREASE" in bold 18-point font in at least three newspapers, comparing proposed tax rates to zero-growth rates and showing impact on example properties in each tax class.
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Requires the city to hold a series of public hearings at convenient times and geographically diverse locations throughout the city prior to budget adoption, subject to open meetings law requirements.
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Takes effect immediately upon becoming law and applies to the fiscal year following enactment.
Legislative Description
Enacts the New York City truth in budgeting act to require notice and a public hearing prior to an increase in the real property tax levy greater than two percent over the prior year.
Last Action
REFERRED TO CITIES 1
1/3/2024