What's happening
This bill prohibits New York City from raising property taxes if a property's assessed value decreased in the previous year.
Why it matters
Protects homeowners and small building owners (Class 1 and Class 2 properties) from sudden tax increases. during periods when their property values are actually declining, offering more predictability and fairness in property taxation.
Creates a direct link between assessed value and tax liability. , ensuring that tax bills do not rise when a property's market value has dropped, which can help prevent financial strain on property owners during downturns in the real estate market.
Limits the city's ability to offset budget shortfalls by raising property taxes on declining-value properties. , potentially shifting fiscal pressures elsewhere or encouraging more responsible budgeting by the city.
May stabilize housing costs for renters in small buildings. , since property tax increases are often passed on to tenants; this could provide a buffer against rent hikes during periods of falling property values.
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Who cares
Headline styles
Stop Tax Increases After Drop
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.
Stop Tax Hikes on Devalued Homes
In Senate Committee · Finance · Sponsor Leroy Comrie
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
3788
2019-2020 Regular Sessions
IN ASSEMBLY
January 31, 2019
Introduced by M. of A. ROZIC, D'URSO -- 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.
LBD00989-01-9
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.