NY S07361

Limits annual increases in base proportions for property tax classes to 1 percent in special assessing units (excluding cities) based on the 2023 assessment roll, with legislative bodies required to adjust remaining class proportions so they sum to one.

Extends existing Suffolk County restrictions on base proportion increases from 2 percent (or 1 percent for certain years) through the 2023-2024 assessment roll, adding the 2023-2024 tax year to the list of covered assessment periods.

Creates a new provision allowing Nassau County approved assessing units to cap annual base proportion increases at 1 percent for the 2023 assessment roll, subject to the passage of a local law, ordinance, or resolution by the legislative body.

Takes effect immediately, with provisions applying to tax levies based on the 2023 assessment roll for qualifying special assessing units and Nassau County assessing units that adopt the restrictions.