NY S07400

Allows city special assessing units to determine the percent increase of current base proportions for property tax classes in fiscal year 2024, capped at a maximum of 5 percent.

Requires local legislative bodies to make the determination of the percent increase by November 1, 2023.

Permits cities that already sent 2024 tax bills before this act becomes law to revise base proportions, reset tax rates, and send amended bills to taxpayers.

Specifies that taxpayers remain obligated to pay any tax installments due before amended bills are sent, calculated under the law in effect before this act's effective date.

Takes effect immediately upon enactment.