BILL NUMBER: S2160
SPONSOR: COMRIE
 
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 11-239.1 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 prop-
erty 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:
2023-2024: S1088 Comrie/ A1379 Rozic
2022: S3432- referred to finance
2017-18: S.1288 (Avella) - A.1324 (Rozic) PASSED SENATE I referred to
real property taxation
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately.