Senate Bill S8644

2019-2020 Legislative Session

Enacts the New York City truth in budgeting act

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules 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-S8644 (ACTIVE) - Details

See Assembly Version of this Bill:
A10935
Current Committee:
Senate Rules
Law Section:
New York City
Versions Introduced in Other Legislative Sessions:
2021-2022: S513, A6713
2023-2024: S21

2019-S8644 (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-S8644 (ACTIVE) - Sponsor Memo

2019-S8644 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8644
 
                             I N  S E N A T E
 
                               June 29, 2020
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Rules
 
 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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