What's happening
This bill adds a tax cap for certain class two properties in New York with assessed values under $75,000.
Why it matters
Expands tax cap protections. to properties with an assessed value under $75,000, not just those with fewer than eleven units—potentially benefiting owners of small, lower-valued buildings, including some co-ops, condos, and small rental properties.
Limits the pace of property tax increases. for these additional properties, capping annual assessment hikes at 8% and five-year increases at 30%, which can help prevent sudden, unaffordable property tax jumps for lower-value property owners.
May provide greater financial stability. for lower-income homeowners and small landlords by making their property taxes more predictable and less susceptible to sharp increases due to reassessments or rising property values.
Could impact local government revenues. by constraining the growth of the tax base from certain properties, potentially shifting the tax burden to other property classes or limiting funding for local services.
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Who cares
Headline styles
Limit Property Tax Increases
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Referred to local government
- Committed to rules
- Advanced to third reading
- 2nd report cal.
- 1st report cal.783
- 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.
Limit Property Tax Hikes
In Assembly Committee · Real Property Taxation · Sponsor Edward Braunstein
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1871
2017-2018 Regular Sessions
IN SENATE
January 11, 2017
Introduced by Sens. AVELLA, KLEIN -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government
AN ACT to amend the real property tax law, in relation to the real property tax cap and certain class two properties
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The opening paragraph of subdivision 2 of section 1805 of the real property tax law, as amended by chapter 586 of laws of 1992, is amended to read as follows:
The assessment roll of a special assessing unit wholly contained within a city shall identify those parcels classified in class two which have fewer than eleven residential units or parcels with an assessed valuation of less than seventy-five thousand dollars. The assessor of any such special assessing unit shall not increase the assessment of any parcel so identified in any one year, as measured from the actual assessment on the previous year's assessment roll, by more than eight percent and shall not increase such assessment by more than thirty percent in any five-year period. The first such five-year period shall be measured from the individual assessment appearing on the assessment roll completed in nineteen hundred eighty-one provided that, if such parcel would not have been subject to the provisions of this subdivision in nineteen hundred eighty-one had this subdivision then been in effect, the first such five-year period shall be measured from the first year after nineteen hundred eighty-one in which this subdivision applied to such parcel or would have applied to such parcel had this subdivision been in effect in such year.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01211-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to the real property tax cap and certain class two properties
Purpose or general idea of bill
The purpose of the bill is to limit the increases of assessed value of certain individual class two properties.
Summary of provisions
Section 1 of the bill amends section subdivision 2 of section 1805 of the real property tax law, to include parcels with an assessed valuation of less than seventy-five thousand dollars as eligible for the property tax cap created by this section.
Section 2 of the bill provides that this act shall take effect immediately.
Justification
As a lack of affordable housing grows every year within New York City, middle-income and affordable housing has become ever more vital, Few middle-income condo and co-op owners are able to take advantage of the same protections available to owners of other types of housing However, for many, coops and condos are the best option for affordable housing
In order to protect these affordable housing units, this bill would allow housing units that are valued under seventy-five thousand dollars to be eligible for the property tax cap, in addition to those coops with less than eleven units that are already eligible.
Prior legislative history
2015-16: S.5919/A.10221 (Braunstein)
Fiscal implications for state and local governments
None.
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.