Limits increases in real property taxes due to a revaluation, reassessment or update to five percent of the real property tax liability for such property prior to such revaluation, reassessment or update.
STATE OF NEW YORK
________________________________________________________________________
593
2009-2010 Regular Sessions
IN SENATE
January 9, 2009
___________
Introduced by Sen. MARCELLINO -- 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 limiting the
increase in real property taxes resulting from a reassessment
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The real property tax law is amended by adding a new
2 section 306 to read as follows:
3 § 306. Reassessment tax increases; limits. Any increase in the real
4 property tax liability of any parcel of real property resulting from a
5 revaluation, reassessment or update, as defined pursuant to subdivision
6 twelve-a of section one hundred two of this chapter, shall be limited to
7 five percent of the real property tax liability of such parcel estab-
8 lished by the assessment roll prepared on the basis of the taxable
9 status date occurring immediately prior to such revaluation, reassess-
10 ment or update. No provision of this section shall be construed to limit
11 or prohibit any municipal corporation, as defined pursuant to subdivi-
12 sion ten of section one hundred two of this chapter, from increasing the
13 rate of real property taxes assessed on real property located within its
14 jurisdiction as is otherwise authorized and provided by law.
15 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02920-01-9
