S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    21
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities 1
 
 AN ACT relating to enacting the New York City truth in budgeting act
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. This act shall be known and may be cited as the  "New  York
 City truth in budgeting act".
   § 2. Definitions. As used in this act:
   (a)  "Property tax levy" shall mean the overall property tax raised by
 the city of New York in a given fiscal year.
   (b) "Assuming zero growth" shall mean the presumption that the proper-
 ty tax levy has not increased relative to the prior fiscal year.
   (c) "Proposed tax rates" shall mean the tax rates of each of the prop-
 erty tax classes as proposed in the budget of the city of New York.
   (d) "City" shall mean the city of New York.
   § 3. The city of New York shall levy a tax on real estate  no  greater
 than  an amount equal to two percent of the amount raised by such tax in
 the prior fiscal year unless such city meets the  requirements  of  this
 section.
   (a)  The  city  shall issue a report to both the state legislature and
 the New York city council which contains, within the first  five  pages,
 the  words  "PROPOSED  TAX  INCREASE" in bold upper-case font no smaller
 than 18 point, followed  by  the  fiscal  year  for  which  such  report
 applies.  Such  report shall then detail the growth of the amount of the
 property tax levy as proposed in the city's budget, the  growth  of  the
 assessed  value  of each of the property tax classes as such classes are
 defined in section 1802 of the real property tax law, and the growth  of
 the  proposed tax rates of each property tax class, both compared to the
 prior fiscal year and within the context of the prior ten fiscal  years.
 Such report shall include a clear and concise comparison of the tax rate
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

                                                            LBD01490-01-3
 S. 21                               2
 
 for  each  property  tax  class assuming zero growth in the property tax
 levy to the tax rates for each property tax class as  proposed  in  such
 city's budget.
   (i)  Such  report  shall  be delivered to the legislature and the city
 council prior to the dates of the hearings described in subdivision  (c)
 of  this  section  and  shall  be  made publicly available on the city's
 website.
   (ii) Nothing in this subdivision shall be construed  to  prohibit  the
 city from including any additional information related to property taxes
 in such report.
   (b)  Such city shall publish a notice in no less than three newspapers
 of general circulation within the city  with  the  words  "PROPOSED  TAX
 INCREASE"  in bold upper-case font no smaller than 18 point. Such notice
 shall compare the proposed tax rates with the tax rates for each of  the
 property tax classes assuming zero growth in the property tax levy. Such
 notice  shall  compare, for each of the property tax classes, the impact
 that such city's proposed tax rates would have  on  a  property  owner's
 final  property  tax bill to the impact on such bill of a tax rate which
 assumes zero growth in the property tax levy, using examples of  proper-
 ties  in  each  of  the property tax classes which are fictionalized but
 representative of taxable assessed values in each property tax class.
   (c) Such notice shall further include the dates, times  and  locations
 of  the  public hearings described in subdivision (d) of this section on
 such city's proposed tax rates.
   (i) Nothing in this subdivision shall be  construed  to  prohibit  the
 city from including any additional information related to property taxes
 in such notice.
   (ii) It is the intent of the legislature that such notice be published
 in  both  electronic  and print format in newspapers of general interest
 and readership to the population of such city.
   (d) Prior to the adoption of the city's budget and subsequent  to  the
 publication  of the notice described in subdivision (b) of this section,
 such city shall hold a series of public hearings  on  the  proposed  tax
 increases  described  in  such notice. Such hearings shall take place at
 hours of convenience to the general public and at geographically diverse
 locations throughout such city.  Such hearings shall be subject  to  all
 provisions  of  this state's open meetings law.  Notwithstanding section
 110 of the public officers law,  however,  where  there  is  a  conflict
 between  the provisions of this act and the provisions of the open meet-
 ings law this act shall prevail.
   § 4. This act shall take effect immediately and  shall  apply  to  the
 fiscal  year  next  succeeding  the date on which it shall have become a
 law.