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Senate Bill S1088

2023-2024 Legislative Session

Prohibits the city of New York from increasing property taxes where a property's assessed value has decreased in the previous year

download bill text pdf

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Archive: Last Bill Status - In Senate Committee Finance Committee

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2023-S1088 (ACTIVE) - Details

See Assembly Version of this Bill:
A1379
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
2019-2020: S2819, A3788
2021-2022: S3432, A401
2025-2026: S2160, A876

2023-S1088 (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.

2023-S1088 (ACTIVE) - Sponsor Memo

2023-S1088 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1088
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 10, 2023
                                ___________
 
 Introduced by Sens. COMRIE, GOUNARDES -- read twice and ordered printed,
   and when printed to be committed to the Committee on Finance
 
 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.
                                                            LBD00439-01-3

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