NY S09278

Allows local legislative bodies in cities to determine the percent increase of current base proportions for fiscal year 2025, capped at a maximum of 5 percent increase over the prior year's adjusted base proportion.

Requires cities to make this determination by November 1, 2024.

Directs cities that have already sent fiscal year 2025 tax bills to revise current and adjusted base proportions, reset tax rates, and send amended bills consistent with this act's provisions.

Exempts taxpayers from revised obligations for any tax installment that was due and payable before amended bills are sent, with such prior obligations determined under law in effect before this act's effective date.

Takes effect immediately upon enactment.