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History
- Substituted by A8286
- Ordered to third reading cal.1502
- Referred to rules
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 a cap on the maximum class growth rate at two and one-half percent for fiscal year 2012
Signed by Governor · Sponsor Herman D. Farrell
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5717
Title of bill
An act to amend the real property tax law, in relation to the determination of adjusted base proportions in special assessing units which are cities for the fiscal year 2012
Summary of provisions
This bill would amend section 1803-a of the Real Property Tax Law to cap the maximum class growth rate at two and a half percent for fiscal year 2012.
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 propel1y tax class one, comprised one-, two-, and three-family homes, to dramatically increase.
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 nearly 12 percent from fiscal year 2011, under the State Board's calculations. Currently, State law provides that the current base proportion of anyone 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 maximum 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 prop0l1ions for class one is allowed to grow, resulting in citywide savings of about $98 for a typical owner of a class one single family home. This legislation would have a net effect of zero on the tax bills of owners of class two, comprised of multi-family co-operative, condominium, and rental apartments. Their class share increase is small this year, 1.7 percent.
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 increase for class one would be about 7.7% and would cause significant increases in the tax bills for residential homeowners. The tax rate increase for class one, resulting from SBRPS procedures is avoidable only through passage of this legislation.
Fiscal implication
There would be zero impact on expenditures and revenues as a result of this legislation.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.