What's happening
This bill prohibits New York City from increasing property taxes for one year on class one and two properties if their assessed value decreased in the prior year.
Why it matters
Protects Property Owners from Sudden Tax Increases. By freezing property tax assessments for one year when a property's market value drops, owners of class one (mostly 1-3 family homes) and class two (most residential buildings) properties are shielded from having to pay higher taxes during periods when their property is actually worth less.
Creates Predictability During Economic Downturns. This measure can provide financial stability for homeowners and small landlords during tough economic times or real estate market declines, allowing them to better plan their budgets without surprise tax hikes.
Potential Impact on City Revenue and Services. While it benefits property owners, the city may face reduced property tax revenues in years with widespread property value declines, which could affect funding for public services unless alternative revenue sources are found.
Targets Residential, Not Commercial, Properties. By specifically applying to class one and two properties, the bill focuses on protecting individuals and small landlords rather than large commercial property owners, aligning with efforts to support residents rather than businesses during downturns.
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Who cares
Headline styles
Stop Property Tax Hikes
Plain English, a few words. Used as the page title.
Sponsors
Assembly Member · Assembly District 25
1 Co-sponsor
History
- Referred to real property taxation
- Referred to real property taxation
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.
Freeze Property Taxes After Drop
In Senate Committee · Rules · Sponsor Tony Avella
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1324
2017-2018 Regular Sessions
IN ASSEMBLY
January 11, 2017
Introduced by M. of A. ROZIC -- read once and referred to the Committee on Real Property Taxation
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
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The administrative code of the city of New York is amended by adding a new section 11-239.1 to read as follows:
§ 11-239.1 Assessments following decreased valuation. For a period of a year after a real property's market value has decreased, the assessed value of such property shall be the lesser of the assessed value in the prior year or the product of the assessment ratio times the market value. This section shall apply only to class one and class two properties as such classes are defined in subdivision one of section eighteen hundred two of the real property tax law.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00805-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.