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NY A00876
Bill
Status
1/8/2025
Primary Sponsor
Nily Rozic
Click for details
AI Summary
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Prohibits New York City from increasing property taxes on properties whose market value has decreased in the previous year
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Requires the assessed value to be the lesser of either the prior year's assessed value or the product of the assessment ratio times the current market value
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Applies only to class one properties (1-3 family residential homes) and class two properties (residential properties with more than 3 units, including cooperatives and condominiums)
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Provides property tax relief for one year following any decrease in a property's market value
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Takes effect immediately upon enactment
Legislative Description
Prohibits the city of New York from increasing property taxes where a property's assessed value has decreased in the previous year; applies only to class one and class two properties.
Last Action
referred to real property taxation
1/7/2026