Senate Bill S1048A

2015-2016 Legislative Session

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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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2015-S1048 - Details

See Assembly Version of this Bill:
A321
Current Committee:
Assembly Real Property Taxation
Law Section:
New York City Administrative Code
Laws Affected:
Add §11-239-1, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2013-2014: S5913, A9144
2017-2018: S1288, A1324
2019-2020: S2819, A3788
2021-2022: S3432, A401
2023-2024: S1088, A1379

2015-S1048 - Summary

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.

2015-S1048 - Sponsor Memo

2015-S1048 - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  1048

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             January 8, 2015
                               ___________

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

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.






 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01728-01-5

2015-S1048A (ACTIVE) - Details

See Assembly Version of this Bill:
A321
Current Committee:
Assembly Real Property Taxation
Law Section:
New York City Administrative Code
Laws Affected:
Add §11-239-1, NYC Ad Cd
Versions Introduced in Other Legislative Sessions:
2013-2014: S5913, A9144
2017-2018: S1288, A1324
2019-2020: S2819, A3788
2021-2022: S3432, A401
2023-2024: S1088, A1379

2015-S1048A (ACTIVE) - Summary

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.

2015-S1048A (ACTIVE) - Sponsor Memo

2015-S1048A (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 1048--A
    Cal. No. 874

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             January 8, 2015
                               ___________

Introduced  by  Sen.  AVELLA -- read twice and ordered printed, and when
  printed to be committed to the Committee on Cities -- reported favora-
  bly from said committee, ordered to first  report,  amended  on  first
  report,  ordered  to  a second report and ordered reprinted, retaining
  its place in the order of second report

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 11-239.1 to read as follows:
  S 11-239.1 ASSESSMENTS FOLLOWING DECREASED VALUATION.  FOR A PERIOD OF
A  YEAR AFTER A REAL PROPERTY'S MARKET VALUE HAS DECREASED, THE ASSESSED
VALUE OF SUCH PROPERTY SHALL BE THE LESSER OF THE ASSESSED VALUE IN  THE
PRIOR  YEAR  OR  THE  PRODUCT  OF  THE ASSESSMENT RATIO TIMES THE MARKET
VALUE. THIS SECTION SHALL APPLY ONLY TO CLASS ONE AND CLASS TWO  PROPER-
TIES  AS SUCH CLASSES ARE DEFINED IN SUBDIVISION ONE OF SECTION EIGHTEEN
HUNDRED TWO OF THE REAL PROPERTY TAX LAW.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD01728-02-5

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