Loading chat...
NY S04095
Bill
Status
Introduced
2/3/2023
Primary Sponsor
Andrew Lanza
Click for details
AI Summary
- Establishes a tax levy limitation for cities with populations of one million or more, beginning with the fiscal year starting in 2024
- Allows annual tax levy increases limited to the lesser of 1.02 (2 percent) or the inflation factor plus one, with a minimum growth factor of one
- Permits cities to override the tax levy limit only through a two-thirds vote of the city council to enact a local law for that fiscal year
- Requires the state comptroller to calculate and notify each affected city of its tax levy limitation 120 days before the start of the fiscal year
- Allows adjustments to the limit for approved capital expenditures, large tort settlements exceeding 10 percent of prior year property taxes, and changes in welfare assistance program costs
Legislative Description
Limits, in cities having a population of one million or more, the annual increase in real property taxes.
Last Action
REFERRED TO CITIES 1
1/3/2024
Committee Referrals
Cities 12/3/2023
Full Bill Text
No bill text available