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NY S00411
Bill
Status
1/8/2025
Primary Sponsor
Andrew Gounardes
Click for details
AI Summary
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Caps New York City's property tax levy increase at 2% over the prior fiscal year unless the city complies with specific transparency requirements
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Requires the city to issue a "PROPOSED TAX INCREASE" report to the state legislature and city council detailing property tax levy growth, assessed value changes by property class, and tax rate comparisons over the prior 10 fiscal years
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Mandates publication of "PROPOSED TAX INCREASE" notices in at least three newspapers showing how proposed rates compare to rates assuming zero growth, with examples of impacts on property owners in each tax class
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Requires a series of public hearings on proposed tax increases held at convenient hours and geographically diverse locations throughout the city before budget adoption
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Takes effect immediately and applies to the fiscal year following enactment
Legislative Description
Enacts the New York City truth in budgeting act to require notice and a public hearing prior to an increase in the real property tax levy greater than two percent over the prior year.
Last Action
REFERRED TO CITIES 1
1/7/2026