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Senate Bill S2819

2019-2020 Legislative Session

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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Archive: Last Bill Status - In Senate Committee Finance Committee

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2019-S2819 (ACTIVE) - Details

See Assembly Version of this Bill:
A3788
Current Committee:
Senate Finance
Law Section:
New York City Administrative Code
Laws Affected:
Add §11-239.1, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2013-2014: S5913, A9144
2015-2016: S1048, A321
2017-2018: S1288, A1324
2021-2022: S3432, A401
2023-2024: S1088, A1379
2025-2026: S2160, A876

2019-S2819 (ACTIVE) - Summary

Prohibits the city of New York from increasing property taxes where a property's assessed value has decreased in the previous year; applies only to class one and class two properties.

2019-S2819 (ACTIVE) - Sponsor Memo

2019-S2819 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2819
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             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 ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The administrative code of the city of New York is  amended
 by adding a new section 11-239.1 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  PROPER-
 TIES  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

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