Bill S5913A-2013

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

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

Details

Actions

  • Mar 20, 2014: PRINT NUMBER 5913A
  • Mar 20, 2014: AMEND AND RECOMMIT TO CITIES
  • Jan 8, 2014: REFERRED TO CITIES
  • Jul 1, 2013: REFERRED TO RULES

Memo

BILL NUMBER:S5913A

TITLE OF BILL: 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

SUMMARY OF PROVISIONS:

Section 1 amends the administrative code of the city of New York by adding a new section 11-239-a that states that the assessed value of real property shall not be increased for the period of a year after such property's assessed value has decreased.

Section 2 sets forth an immediate effective date.

JUSTIFICATION:

Property owners in the city of New York have been subject to huge property tax increases over the past decade as a result of the housing boom. However, as the housing market dropped substantially, due to the severe recession which began in 2008, property values have yet to recover from such devastating declines. Despite this unfortunate fact, the city of New York continues to increase property taxes at will with no regard to those property values which have declined and not recovered.

PRIOR LEGISLATIVE HISTORY:

None.

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

To be determined.

EFFECTIVE DATE:

This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 5913--A 2013-2014 Regular Sessions IN SENATE July 1, 2013 ___________
Introduced by Sen. AVELLA -- read twice and ordered printed, and when printed to be committed to the Committee on Rules -- recommitted to the Committee on Cities in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee 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: Section 1. The administrative code of the city of New York is amended by adding a new section 11-239-a to read as follows: S 11-239-A ASSESSMENTS FOLLOWING DECREASED VALUATION. THE ASSESSED VALUE OF REAL PROPERTY SHALL NOT BE INCREASED FOR THE PERIOD OF A YEAR AFTER SUCH PROPERTY'S ASSESSED VALUE HAS DECREASED. S 2. This act shall take effect immediately.

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