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History
- Signed chap.546
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.372
- Substituted for A11376A
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 61–0
- Ordered to third reading cal.970
- Committee discharged and committed to rules
- Referred to local government
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.
Relates to the determination of adjusted base proportions in special assessing units which are cities for the fiscal year 2011
Assembly Floor Calendar · Sponsor Herman D. Farrell
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S8083
Title of bill
An act to amend the real property tax law, in relation to the determi- nation of adjusted base proportions in special assessing units which are cities for the fiscal year 2011
Justification
State law requires New York City to adopt class shares based on rates calculated by the State Board of Real Property Services (SBRPS) in order to distribute the tax levy among the four classes of real property. This year the State Board's class equalization rates would cause the tax burden on property tax class one, comprised of one-, two-, and three-fa- mily homes, to increase dramatically.
This bill is designed to provide relief for the residential property tax class one. The "uncapped" current base proportions of class one would grow by 18.3 percent from fiscal year 2010, under the State Board's calculations. Currently, State law provides that the current base proportion of any one class may not exceed the adjusted base proportion for that class from the prior year by more than five percent. This legislation would adjust that rule, for one year only, to cap the maxi- mum class growth at 2.5 percent for New York City. The effect of this change would be to reduce the amount by which the current base proportions for class one is allowed to grow, resulting in an estimated tax rate increase of 2.0 percent for class one. This would result in citywide savings of $88 for a typical owner of a class one single family home.
Failure to enact this legislation would leave the City Council no option but to adopt the SBRPS formula for establishing class shares. In that case, the estimated tax rate increases for class one would be 4.5 percent. This increase would cause significant rises in the tax bills for residential homeowners. The tax rate increases for class one, resulting from SBRPS procedures, is avoidable only through passage of this legislation.
Accordingly, the New York City Council urges timely enactment of this legislation by the State Legislature.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.