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Assembly Bill A7072

2021-2022 Legislative Session

Relates to the formula for the two percent property tax cap

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Archive: Last Bill Status - In Assembly Committee

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2021-A7072 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
General Municipal Law
Laws Affected:
Amd §3-c, Gen Muni L; amd §2023-a, Ed L

2021-A7072 (ACTIVE) - Summary

Enacts the "two percent is two percent property tax cap act"; provides that the "allowable levy growth factor" shall be one and two one-hundredths.

2021-A7072 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7072
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 21, 2021
                                ___________
 
 Introduced by M. of A. CAHILL -- read once and referred to the Committee
   on Ways and Means
 
 AN  ACT  to  amend  the  general municipal law and the education law, in
   relation to the formula for the real property tax cap
 
   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 "two
 percent is two percent property tax cap act".
   § 2. Paragraph (a) of subdivision 2 of  section  3-c  of  the  general
 municipal law, as added by section 1 of part A of chapter 97 of the laws
 of 2011, is amended to read as follows:
   (a)  "Allowable  levy growth factor" shall be [the lesser of: (i)] one
 and two one-hundredths[; or (ii) the  sum  of  one  plus  the  inflation
 factor;  provided, however, that in no case shall the levy growth factor
 be less than one].
   § 3. Paragraph a of subdivision 2 of section 2023-a of  the  education
 law,  as added by section 2 of part A of chapter 97 of the laws of 2011,
 is amended to read as follows:
   a. "Allowable levy growth factor" shall be [the lesser  of:  (i)]  one
 and  two  one-hundredths[;  or  (ii)  the  sum of one plus the inflation
 factor; provided, however, that in no case shall the levy growth  factor
 be less than one].
   § 4. This act shall take effect immediately.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10739-01-1

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