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History
- Referred to cities
- Referred to cities
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides that the city of New York is authorized to reduce property taxes on all classes of property within the city by eighteen and one-half percent
In Assembly Committee · Real Property Taxation · Sponsor Louis Tobacco
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act authorizing the city of New York to reduce property taxes on all classes of property within such city by eighteen and one-half percent
Purpose
Requires New York City to cut all classes of property taxes by eighteen percent.
Summary of provisions
Section one would require the council of the City of New York to reduce property taxes on all classes of property by eighteen and one-half percent.
Section two is an immediate effective date.
Justification
In 2002 New York City increased property taxes on property owners. This especially placed a burden on working families trying to provide for their families. In addition to this tax increase, reassessment of real property has also raised tax revenue for the City placing another burden on taxpayers, especially senior citizens who are on fixed incomes. Since this tax was implemented, the City has seen an increase in revenue generated from strong economic growth. It is only fair that the past increase in property taxes be reduced to assist New York City's hard working residents.
2008: S.5703 - 3rd Reading Calendar/A.8989 - Real Property Taxation, held for consideration 2007: S.5703 - Referred to Cities/A.8989 - Referred to Real Property Taxation
Fiscal implications
Undetermined.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.