Assembly Bill A401

2021-2022 Legislative Session

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

download bill text pdf

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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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2021-A401 (ACTIVE) - Details

See Senate Version of this Bill:
S3432
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: A9144, S5913
2015-2016: A321, S1048
2017-2018: A1324, S1288
2019-2020: A3788, S2819
2023-2024: A1379, S1088

2021-A401 (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.

2021-A401 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    401
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 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:
 
   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:
   § 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.
   § 2. This act shall take effect immediately.
 
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03262-01-1

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