BILL NUMBER:  S1217

 TITLE OF BILL :  An act to amend the real property law, in relation
to landlord's proposed rental amenity changes and increased rent

 PURPOSE OR GENERAL IDEA OF BILL: :

This bill would control the ever-rising property tax by limiting the
amount by which the City of New York may increase property taxes each
year.

 SUMMARY OF SPECIFIC PROVISIONS: :

Section 1 of the bill would add a new § 3-e to the General Municipal
Law to establish a real property tax levy cap for New York City.
Under the property tax levy cap:

*New York City may not its property tax levy by more than 2 percent or
the rate of inflation (whichever is less).

*New York City may exceed the tax levy cap only if the City Council,
by a two-thirds vote by local law overriding the tax levy cap.

* The cap will have limited exceptions including:

*Personal injury settlements that exceed 10 percent of the taxing
              

entity's budget;

*Certain capital expenditures; and

*The increase or decrease in the city cost of state mandated social
services assistance to persons eligible for public assistance
(including those programs Temporary Assistance to Needy Families
("TANF") program, or the Safety Net Assistance Program ("SNAP")).

*The State Comptroller will determine the tax levy limitations for
local governments that are consolidated or dissolved.

* Any excess levy funds that are collected due to clerical or
technical errors will be held in reserve.

 JUSTIFICATION: :

New York property taxes are among the highest taxes in the nation.
When you combine State and local taxes, New York has the second
highest property taxes in the nation. The median U.S. property tax
paid is $1,917 and in New York it is $3,755--96 percent higher than
the national median. Moreover, New York has the highest local taxes in
America as a percentage of personal income--79 percent above the
national average. New York City residents are looking for relief from
high property tax increases. Such increases jeopardize their quality
of life and the ability to stay in their homes. This bill would limit
New York City's ability to raise property levies, up to 2'0. This bill
will relieve taxpayers from unexpected high property tax increases.

This measure will force the City to budget more responsibly without
looking at property taxpayers as a way to balance its budget. This
proposal will allow property owners to budget for their property
taxes. It will also prevent city government from burdening the people
with outrageous increases. By limiting future increases, families and
especially those on fixed incomes -- would have a much better sense of
what they need to budget. This bill will also help reign in out of
control government spending.

 PRIOR LEGISLATIVE HISTORY: :

2016:S.3709 -Passed Senate / A.6498 - Referred to Ways & Means.
2015:S.3709- Passed Senate / A.6498 - Referred to Ways & Means.
2014:S.4547- 3rd Reading Calendar / A.6431- Referred to Ways & Means.
2013:S.4547- 3rd Reading Calendar / A.6431- Referred to Ways & Means.
2012:S.2866 -Referred to Cities / A.4741-Referred to Ways & Means.
2011:S.2866- Reported to Finance / A.4741- Referred to Ways & Means.

 FISCAL IMPLICATIONS: :

This bill would benefit taxpayers in the City of New York by limiting
the annual amount of real property taxes the City can levy.

 EFFECTIVE DATE: :

This act shall take effect immediately and shall first apply to the
levy of taxes by local governments for the fiscal year that begins in
2018.