Assembly Bill A10935

2019-2020 Legislative Session

Enacts the New York City truth in budgeting act

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-A10935 (ACTIVE) - Details

See Senate Version of this Bill:
S8644
Current Committee:
Assembly Cities
Law Section:
New York City
Versions Introduced in Other Legislative Sessions:
2021-2022: A6713, S513
2023-2024: S21

2019-A10935 (ACTIVE) - Summary

Enacts the New York City truth in budgeting act to require notice and a public hearing prior to an increase in the real property tax levy greater than two percent over the prior year.

2019-A10935 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10935
 
                           I N  A S S E M B L Y
 
                              August 17, 2020
                                ___________
 
 Introduced  by  COMMITTEE ON RULES -- (at request of M. of A. Cusick) --
   read once and referred to the Committee on Cities
 
 AN ACT relating to enacting the New York City truth in budgeting act
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  This act shall be known and may be cited as the "New York
 City truth in budgeting act".
   § 2. Definitions. As used in this act:
   (a) "Property tax levy" shall mean the overall property tax raised  by
 the city of New York in a given fiscal year.
   (b) "Assuming zero growth" shall mean the presumption that the proper-
 ty tax levy has not increased relative to the prior fiscal year.
   (c) "Proposed tax rates" shall mean the tax rates of each of the prop-
 erty tax classes as proposed in the budget of the city of New York.
   (d) "City" shall mean the city of New York.
   §  3.  The city of New York shall levy a tax on real estate no greater
 than an amount equal to two percent of the amount raised by such tax  in
 the  prior  fiscal  year unless such city meets the requirements of this
 section.
   (a) The city shall issue a report to both the  state  legislature  and
 the  New  York city council which contains, within the first five pages,
 the words "PROPOSED TAX INCREASE" in bold  upper-case  font  no  smaller
 than  18  point,  followed  by  the  fiscal  year  for which such report
 applies. Such report shall then detail the growth of the amount  of  the
 property  tax  levy  as proposed in the city's budget, the growth of the
 assessed value of each of the property tax classes as such  classes  are
 defined  in section 1802 of the real property tax law, and the growth of
 the proposed tax rates of each property tax class, both compared to  the
 prior  fiscal year and within the context of the prior ten fiscal years.
 Such report shall include a clear and concise comparison of the tax rate
 for each property tax class assuming zero growth  in  the  property  tax
 levy  to  the  tax rates for each property tax class as proposed in such
 city's budget.

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

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