What's happening
This bill prohibits New York City from increasing property taxes for class one and two properties if their assessed value decreased in the prior year.
Why it matters
Protects property owners from sudden tax hikes. By preventing tax increases when a property's assessed value has dropped, the bill shields homeowners and many small building owners from higher tax bills during periods when their property values are declining—potentially making it easier for them to budget and avoid financial strain.
Links tax bills more closely to actual property values. The legislation ensures that property taxes for class one (mostly 1-3 family homes) and class two (co-ops, condos, small rentals) properties reflect real market conditions, rather than allowing assessments (and taxes) to rise even as market values fall.
Potentially impacts city revenue and public services. Since property taxes are a major source of revenue for New York City, this bill could limit the city’s ability to collect taxes from these property classes during downturns, which could have implications for funding city services, schools, and infrastructure.
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Who cares
Headline styles
Stop Tax Hikes on Devalued Homes
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 14
1 Co-sponsor
History
- Reported and committed to finance
- Referred to cities
- Reported and committed to finance
- Referred to cities
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 Increases After Drop
In Assembly Committee · Real Property Taxation · Sponsor Nily Rozic
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2819
2019-2020 Regular Sessions
IN SENATE
January 29, 2019
Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Cities
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.
Sponsor's memo
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 11-239.1 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 prop- erty 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
2017-18: S.1288 (Avella) - A.1324 (Rozic) PASSED SENATE | referred to real property taxation
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.