Senate Bill S11

2023-2024 Legislative Session

Relates to assessments on class one dwellings

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Local Government 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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2023-S11 (ACTIVE) - Details

Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Amd §1805, RPT L
Versions Introduced in Other Legislative Sessions:
2019-2020: S5324
2021-2022: S785

2023-S11 (ACTIVE) - Summary

Provides that the cap on assessment increases for class one dwellings shall not apply to dwellings assessed at over three million dollars where the owners have a gross household income not exceeding $250,000.

2023-S11 (ACTIVE) - Sponsor Memo

2023-S11 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    11
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 AN  ACT  to  amend the real property tax law, in relation to eliminating
   the cap on assessed value growth for certain class one properties

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  The opening paragraph of subdivision 1 of section 1805 of
 the real property tax law, as amended by chapter  935  of  the  laws  of
 1984, is amended to read as follows:
   The  assessor  of  any  special  assessing unit shall not increase the
 assessment of any individual parcel WITH A MARKET VALUE,  AS  DETERMINED
 BY  THE  ASSESSOR,  UNDER  THREE  MILLION DOLLARS WHICH IS classified in
 class one in any one year AND WHERE THE OWNERS OF SUCH PROPERTY  HAVE  A
 GROSS HOUSEHOLD INCOME NOT EXCEEDING TWO HUNDRED FIFTY THOUSAND DOLLARS,
 as  measured from the assessment on the previous year's assessment roll,
 by more than six percent and shall not increase such assessment by  more
 than  twenty  percent  in any five-year period. The first such five-year
 period shall be measured from the individual assessment appearing on the
 assessment roll completed in nineteen hundred eighty; provided  that  if
 such parcel would not have been subject to the provisions of this subdi-
 vision  in  nineteen  hundred  eighty  had this subdivision then been in
 effect, the first such five-year period shall be measured from the first
 year after nineteen hundred eighty in which this subdivision applied  to
 such  parcel  or  would have applied to such parcel had this subdivision
 been in effect in such year.
   § 2. This act shall take effect on the first of January next  succeed-
 ing  the  date  on  which  it shall have become a law and shall apply to
 assessment rolls completed on and after such date.  Effective immediate-
 ly, the addition, amendment and/or repeal  of  any  rule  or  regulation
 necessary  for  the implementation of this act on its effective date are
 authorized to be made and completed on or before such effective date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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