New York State Assembly

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S01288 Summary:

BILL NO	S01288
SAME AS	SAME AS A01324
SPONSOR	AVELLA
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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S01288 Actions:

BILL NO	S01288
01/09/2017	REFERRED TO CITIES
01/31/2017	1ST REPORT CAL.105
02/06/2017	2ND REPORT CAL.
02/07/2017	ADVANCED TO THIRD READING
06/20/2017	PASSED SENATE
06/20/2017	DELIVERED TO ASSEMBLY
06/20/2017	referred to real property taxation
01/03/2018	died in assembly
01/03/2018	returned to senate
01/03/2018	REFERRED TO CITIES
03/20/2018	1ST REPORT CAL.695
03/21/2018	2ND REPORT CAL.
03/22/2018	ADVANCED TO THIRD READING
06/20/2018	COMMITTED TO RULES

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S01288 Committee Votes:

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S01288 Floor Votes:

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S01288 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1288
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                     January 9, 2017
                                       ___________
 
        Introduced  by  Sen.  AVELLA -- read twice and ordered printed, and when
          printed to be committed to the Committee on Cities
 
        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.
                                                                   LBD00805-01-7

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