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NY A07061
Bill
Status
Introduced
3/20/2025
Primary Sponsor
Edward Braunstein
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AI Summary
- Creates a 13-member temporary state commission on New York City property tax reform, chaired by the commissioner of taxation and finance
- Commission members appointed by the governor (3), state legislative leaders (6), NYC Council speaker (1), NYC finance commissioner (1), NYC comptroller (1), and NYC mayor (1)
- Requires the NYC mayor to submit a property tax reform plan to the commission by August 31, 2025, guided by the prior NYC Advisory Commission on Property Tax Reform report
- Commission must deliver legislative recommendations to the governor and legislature by December 31, 2025, including draft legislation with mandatory cyclical review of the property tax system
- Reform goals include taxing similar properties similarly, eliminating structural inequality, preserving affordable housing, protecting low- and moderate-income homeowners from displacement, and maintaining city revenue
Legislative Description
Establishes the 13 member temporary state commission on New York city property tax reform to propose property tax reform for the city of New York that promotes fairness, clarity, and simplicity; that eliminates structural inequality and taxes similar properties similarly; that encourages the development and preservation of affordable and multifamily housing; that includes owner relief programs and an approach to transition that insures low- and moderate-income owners have affordable tax bills and that primary residents are not displaced from their homes; and that does not diminish revenue for the city of New York.
Last Action
referred to real property taxation
1/7/2026
Committee Referrals
Real Property Taxation3/20/2025
Full Bill Text
No bill text available