NY A08568

Caps the annual increase in current base proportions for any property tax class at 1% above the prior year's adjusted base proportion for Nassau and Suffolk counties based on 2025 assessment rolls

Extends Suffolk County's existing 1% cap on base proportion increases to cover the 2025-2026 assessment roll period, continuing protections that have been in place since 2005-2006

Creates a new provision allowing Nassau County assessing units to adopt the 1% cap through a local law, ordinance, or resolution for their 2025 assessment roll

Requires legislative bodies to adjust base proportions of other property classes so that the sum of all current base proportions equals one when the cap is applied

Takes effect immediately, with provisions applying to taxes levied based on the 2025 assessment rolls in qualifying assessing units