New York S 411: Relates to false statements in documents submitted to the department of buildings of the city of New York

Bill Text

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S00411 Summary:

BILL NOS00411 

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SAME ASNo Same As

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SPONSORGOUNARDES

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COSPNSR

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MLTSPNSR

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Enacts the New York City truth in budgeting act to require notice and a public hearing prior to an increase in the real property tax levy greater than two percent over the prior year.

Go to top S00411 Actions:

BILL NOS00411 

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01/08/2025REFERRED TO CITIES 1

01/07/2026REFERRED TO CITIES 1

Go to topS00411 Committee&nbspVotes:

Go to topS00411 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS00411 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 411

 2025-2026 Regular Sessions

 IN SENATE

 (Prefiled)

 January 8, 2025
 ___________

 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
 printed to be committed to the Committee on Cities 1

 AN ACT relating to enacting the New York City truth in budgeting act

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. This act shall be known and may be cited as the "New York
 2 City truth in budgeting act".
 3 § 2. Definitions. As used in this act:
 4 (a) "Property tax levy" shall mean the overall property tax raised by
 5 the city of New York in a given fiscal year.
 6 (b) "Assuming zero growth" shall mean the presumption that the proper-
 7 ty tax levy has not increased relative to the prior fiscal year.
 8 (c) "Proposed tax rates" shall mean the tax rates of each of the prop-
 9 erty tax classes as proposed in the budget of the city of New York.
 10 (d) "City" shall mean the city of New York.
 11 § 3. The city of New York shall levy a tax on real estate no greater
 12 than an amount equal to two percent of the amount raised by such tax in
 13 the prior fiscal year unless such city meets the requirements of this
 14 section.
 15 (a) The city shall issue a report to both the state legislature and
 16 the New York city council which contains, within the first five pages,
 17 the words "PROPOSED TAX INCREASE" in bold upper-case font no smaller
 18 than 18 point, followed by the fiscal year for which such report
 19 applies. Such report shall then detail the growth of the amount of the
 20 property tax levy as proposed in the city's budget, the growth of the
 21 assessed value of each of the property tax classes as such classes are
 22 defined in section 1802 of the real property tax law, and the growth of
 23 the proposed tax rates of each property tax class, both compared to the
 24 prior fiscal year and within the context of the prior ten fiscal years.
 25 Such report shall include a clear and concise comparison of the tax rate

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD01277-01-5

 S. 411 2

 1 for each property tax class assuming zero growth in the property tax
 2 levy to the tax rates for each property tax class as proposed in such
 3 city's budget.
 4 (i) Such report shall be delivered to the legislature and the city
 5 council prior to the dates of the hearings described in subdivision (c)
 6 of this section and shall be made publicly available on the city's
 7 website.
 8 (ii) Nothing in this subdivision shall be construed to prohibit the
 9 city from including any additional information related to property taxes
 10 in such report.
 11 (b) Such city shall publish a notice in no less than three newspapers
 12 of general circulation within the city with the words "PROPOSED TAX
 13 INCREASE" in bold upper-case font no smaller than 18 point. Such notice
 14 shall compare the proposed tax rates with the tax rates for each of the
 15 property tax classes assuming zero growth in the property tax levy. Such
 16 notice shall compare, for each of the property tax classes, the impact
 17 that such city's proposed tax rates would have on a property owner's
 18 final property tax bill to the impact on such bill of a tax rate which
 19 assumes zero growth in the property tax levy, using examples of proper-
 20 ties in each of the property tax classes which are fictionalized but
 21 representative of taxable assessed values in each property tax class.
 22 (c) Such notice shall further include the dates, times and locations
 23 of the public hearings de