New York State Assembly

Bill No.:  

 
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A01379 Summary:

BILL NO	A01379
SAME AS	SAME AS S01088
SPONSOR	Rozic
COSPNSR
MLTSPNSR
Add §11-239.1, NYC Ad Cd
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.

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A01379 Actions:

BILL NO	A01379
01/17/2023	referred to real property taxation
01/03/2024	referred to real property taxation

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A01379 Committee Votes:

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A01379 Floor Votes:

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A01379 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1379
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                    January 17, 2023
                                       ___________
 
        Introduced  by M. of A. ROZIC -- read once and referred to the Committee
          on Real Property Taxation
 
        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:
 
     1    Section 1. The administrative code of the city of New York is  amended
     2  by adding a new section 11-239.1 to read as follows:
     3    § 11-239.1 Assessments following decreased valuation.  For a period of
     4  a  year after a real property's market value has decreased, the assessed
     5  value of such property shall be the lesser of the assessed value in  the
     6  prior  year  or  the  product  of  the assessment ratio times the market
     7  value. This section shall apply only to class one and class two  proper-
     8  ties  as such classes are defined in subdivision one of section eighteen
     9  hundred two of the real property tax law.
    10    § 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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