NY S09486

Limits annual increases in current base proportions for any property class to one percent (instead of no limit) in special assessing units that are not cities in Nassau and Suffolk counties, using the 2024 assessment roll.

Extends the two percent cap on base proportion increases for Suffolk County approved assessing units to include the 2024-2025 assessment roll (previously capped through 2023-2024).

Establishes a one percent cap on base proportion increases for Nassau County approved assessing units using the 2024 assessment roll, provided the assessing unit passes a local law, ordinance, or resolution adopting these provisions.

Requires legislative bodies to adjust current base proportions of remaining property classes to ensure the sum of all current base proportions equals one when a class is limited to the one percent increase.

Takes effect immediately, with provisions applicable to tax levies based on the 2024 assessment roll in qualifying assessing units.