senate Bill S5913A

Prohibits the city of New York from increasing property taxes where a property's assessed value has decreased in the previous year

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 01 / Jul / 2013
    • REFERRED TO RULES
  • 08 / Jan / 2014
    • REFERRED TO CITIES
  • 20 / Mar / 2014
    • AMEND AND RECOMMIT TO CITIES
  • 20 / Mar / 2014
    • PRINT NUMBER 5913A

Summary

Prohibits the city of New York from increasing property taxes where a property's assessed value has decreased in the previous year.

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Bill Details

See Assembly Version of this Bill:
A9144
Versions:
S5913
S5913A
Legislative Cycle:
2013-2014
Current Committee:
Senate Cities
Law Section:
New York City Administrative Code
Laws Affected:
Add ยง11-239-a, NYC Ad Cd

Sponsor 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.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5913--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              July 1, 2013
                               ___________

Introduced  by  Sen.  AVELLA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules  --  recommitted  to
  the  Committee  on  Cities in accordance with Senate Rule 6, sec. 8 --
  committee discharged, bill amended, ordered reprinted as  amended  and
  recommitted to said committee

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  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1. The administrative code of the city of New York is amended
by adding a new section 11-239-a to read as follows:
  S 11-239-A ASSESSMENTS FOLLOWING  DECREASED  VALUATION.  THE  ASSESSED
VALUE  OF  REAL PROPERTY SHALL NOT BE INCREASED FOR THE PERIOD OF A YEAR
AFTER SUCH PROPERTY'S ASSESSED VALUE HAS DECREASED.
  S 2. This act shall take effect immediately.





 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11616-03-4

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