BILL NUMBER: S8567

SPONSOR: LANZA
 
TITLE OF BILL:  An act directing a city with a population of one
million or more to reduce its real property tax levy

 
PURPOSE:

To reduce the real property tax levy for the 2019 fiscal year of cities
with a population of one million or more.

 
SUMMARY OF PROVISIONS:

Section 1 mandates that cities with a population of one million or more
shall reduce its real property tax levy for the 2019 fiscal year by an
amount not less than the approximately eighteen percent real property
tax increase authorized pursuant to local law 40 of the city of new York
for the year 2002.

Section 2 provides the effective date.

              

 
JUSTIFICATION:

In 2002, following the 9/11 terrorist attack, the Mayor and the City
Council of New York City increased the property tax by approximately 18
percent to fill a six billion dollar budget gap. These government offi-
cials said that this tax increase was part of an emergency budget plan
to keep government services uninterrupted. It was approved at an aston-
ishing speed with limited public input. This "temporary" measure was the
largest tax increase in the history of the City of New York, and
although it was passed as an emergency measure; it has withstood time
and still inflates the tax rates for city residents today, sixteen years
later. This bill, in effect, repeals this temporary provision to give
relief to the hardworking taxpayers of New York City.

 
LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
This act shall take effect immediately.