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History
- Signed chap.90
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.280
- Substituted for A10621
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 59–0
- Ordered to third reading cal.1326
- Print number 7640a
- Amend and recommit to rules
Show 1 earlier action
- 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.
Enacts a one and one-half percent cap on class share increases in certain assessing units which are cities
Assembly Floor Calendar · Sponsor Herman D. Farrell
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7640A
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 2013
Summary of provisions
This bill would amend section 1803-a of the Real Property Tax Law to cap the maximum class growth rate at one and a half percent for fiscal year 2013.
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 one-, two-, and three-family homes, to increase, as it has done over the past several years.
This bill is designed to provide relief for the residential property tax class one without placing a burden onto class two which is the other residential tax class. The "uncapped" current base proportions of class one would grow by nearly 6 percent from fiscal year 2012, 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 maximum class growth at 1.5 percent for New York City. The effect of this change would be to reduce the amount by which the current base proportions for any class, including one, is allowed to grow, resulting in citywide savings of about $40 for a typical owner of a class one single family home. Bringing the cap any lower than 1.5 percent would provide greater savings to class one owners, but would cause the tax rate for class two to increase. Under a cap of 1.5 percent, class two properties will see virtually the same tax rate as they did in fiscal year 2012.
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 over 2%, which when coupled with assessment increases, would cause significant increases in the tax bills for residential homeowners. That 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.