Bill Text: NY S02819 | 2019-2020 | General Assembly | Introduced

New York Senate Bill 2819 (Prior Session Legislation)

Introduced

Bill Title: 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.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2020-02-25 - REPORTED AND COMMITTED TO FINANCE [S02819 Detail]

Download: New_York-2019-S02819-Introduced.html



                STATE OF NEW YORK
        ________________________________________________________________________
                                          2819
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 29, 2019
                                       ___________
        Introduced  by  Sen.  COMRIE -- 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.
                                                                   LBD00989-01-9