NY S08297

Caps annual increases in current base proportions for property tax classes at 1% in special assessing units (non-city) in Nassau and Suffolk counties for the 2025 assessment roll

Extends the existing 1% cap on base proportion increases for Suffolk County approved assessing units to include the 2025-2026 assessment roll year

Creates new provisions for Nassau County approved assessing units allowing them to adopt the 1% cap on base proportion increases through local law, ordinance, or resolution

Requires legislative bodies to adjust base proportions of other property classes when a class hits the 1% cap, ensuring all class proportions still sum to one

Takes effect immediately and applies to property tax levies based on the 2025 assessment rolls in applicable jurisdictions