New York A 876: Prohibits the city of New York from increasing property taxes where a property's assessed value has decreased in the previous year

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A00876 Summary:

BILL NOA00876 

&nbsp

SAME ASSAME AS S02160

&nbsp

SPONSORRozic

&nbsp

COSPNSR

&nbsp

MLTSPNSR

&nbsp

Add §11-239.1, NYC Ad Cd

&nbsp

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.

Go to top A00876 Actions:

BILL NOA00876 

&nbsp

01/08/2025referred to real property taxation

01/07/2026referred to real property taxation

Go to topA00876 Committee&nbspVotes:

Go to topA00876 Floor&nbspVotes:

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

Go to topA00876 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 876

 2025-2026 Regular Sessions

 IN ASSEMBLY

 (Prefiled)

 January 8, 2025
 ___________

 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.
 LBD03332-01-5

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