Bill S933-2011

Limits increases in real property taxes due to a revaluation, reassessment or update to five percent

Limits increases in real property taxes due to a revaluation, reassessment or update to five percent of the real property tax liability for such property prior to such revaluation, reassessment or update.

Details

Actions

  • Jan 4, 2012: REFERRED TO LOCAL GOVERNMENT
  • Jan 5, 2011: REFERRED TO LOCAL GOVERNMENT

Memo

BILL NUMBER:S933

TITLE OF BILL: An act to amend the real property tax law, in relation to limiting the increase in real property taxes resulting from a reassessment

PURPOSE: This bill limits increases in real property taxes due to a revaluation, reassessment or update to five percent.

SUMMARY OF PROVISIONS: The real property tax law is amended by adding a new section 306 to limit increases in real property taxes due to a revaluation, reassessment or update to five percent.

In no way does this section limit or prohibit any municipal corporation from choosing to increase their real property tax if they so choose.

JUSTIFICATION: Across the State, homeowners are consistently facing increased property taxes. These increases are making it difficult for homeowners, both new and old, to keep pace with large jumps on their tax bill.

Increases in real property taxes due to a revaluation, reassessment or update need to be capped at 5% from year to year to help homeowners financially prepare for tax increases.

This bill does not limit a locality from choosing to increase their real property tax should it decide to do so. The bill simply says that real property tax increases due to a revaluation, reassessment or update will be capped at 5%.

LEGISLATIVE HISTORY: S.6406 of 2006; S.609 of 2007/2008; S.593 of 2009/10

FISCAL IMPLICATIONS: None.

EFFECTIVE DATE: This act shall take effect immediately.


Text

STATE OF NEW YORK ________________________________________________________________________ 933 2011-2012 Regular Sessions IN SENATE (PREFILED) January 5, 2011 ___________
Introduced by Sen. MARCELLINO -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the real property tax law, in relation to limiting the increase in real property taxes resulting from a reassessment THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The real property tax law is amended by adding a new section 306 to read as follows: S 306. REASSESSMENT TAX INCREASES; LIMITS. ANY INCREASE IN THE REAL PROPERTY TAX LIABILITY OF ANY PARCEL OF REAL PROPERTY RESULTING FROM A REVALUATION, REASSESSMENT OR UPDATE, AS DEFINED PURSUANT TO SUBDIVISION TWELVE-A OF SECTION ONE HUNDRED TWO OF THIS CHAPTER, SHALL BE LIMITED TO FIVE PERCENT OF THE REAL PROPERTY TAX LIABILITY OF SUCH PARCEL ESTAB- LISHED BY THE ASSESSMENT ROLL PREPARED ON THE BASIS OF THE TAXABLE STATUS DATE OCCURRING IMMEDIATELY PRIOR TO SUCH REVALUATION, REASSESS- MENT OR UPDATE. NO PROVISION OF THIS SECTION SHALL BE CONSTRUED TO LIMIT OR PROHIBIT ANY MUNICIPAL CORPORATION, AS DEFINED PURSUANT TO SUBDIVI- SION TEN OF SECTION ONE HUNDRED TWO OF THIS CHAPTER, FROM INCREASING THE RATE OF REAL PROPERTY TAXES ASSESSED ON REAL PROPERTY LOCATED WITHIN ITS JURISDICTION AS IS OTHERWISE AUTHORIZED AND PROVIDED BY LAW. S 2. This act shall take effect immediately.

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