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History
- Print number 5913a
- Amend and recommit to cities
- Referred to cities
- 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.
Prohibits the city of New York from increasing property taxes where a property's assessed value has decreased in the previous year
In Assembly Committee · Real Property Taxation · Sponsor Nily Rozic
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5913A
Title of bill
An act to amend the administrative code of the city of New York, in relation to prohibiting the city of New York from increasing property taxes where a property's assessed value has decreased in the previous year
Summary of provisions
Section 1 amends the administrative code of the city of New York by adding a new section 11-239-a that states that the assessed value of real property shall not be increased for the period of a year after such property's assessed value has decreased.
Section 2 sets forth an immediate effective date.
Justification
Property owners in the city of New York have been subject to huge property tax increases over the past decade as a result of the housing boom. However, as the housing market dropped substantially, due to the severe recession which began in 2008, property values have yet to recover from such devastating declines. Despite this unfortunate fact, the city of New York continues to increase property taxes at will with no regard to those property values which have declined and not recovered.
Prior legislative history
None.
Fiscal implications for state and local governments
To be determined.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.