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NY S00414

Bill

Official Source

Status

Introduced

1/8/2025

Primary Sponsor

Andrew Gounardes

Click for details

Origin

Senate

2025-2026 General Assembly

AI Summary

  • Limits the existing cap on property tax assessment increases (6% annually, 20% over five years) to class one properties with market values under $3 million
  • Requires property owners to have gross household income not exceeding $250,000 to qualify for the assessment cap protection
  • Properties valued at $3 million or more, or owned by households earning over $250,000, would no longer be protected by assessment growth limits
  • Takes effect January 1 following enactment and applies to assessment rolls completed on or after that date
  • Applies specifically to special assessing units, which includes New York City

Legislative Description

Provides that the cap on assessment increases for class one dwellings shall not apply to dwellings assessed at over three million dollars where the owners have a gross household income not exceeding $250,000.

Last Action

REFERRED TO LOCAL GOVERNMENT

1/7/2026

Committee Referrals

Local Government1/8/2025

Full Bill Text

No bill text available