Enacts the New York City truth in budgeting act to require notice and a public hearing prior to an increase in the real property tax levy greater than two percent over the prior year.
Enacts the New York City truth in budgeting act to require notice and a public hearing prior to an increase in the real property tax levy greater than two percent over the prior year.
Provides that the tax levy limit shall be equal to a zero percent increase over the prior year tax levy when the difference between the total amount of taxes levied for the prior year less the tax levy limit results in a negative number.
Provides that the tax levy limit shall be equal to a zero percent increase over the prior year tax levy when the difference between the total amount of taxes levied for the prior year less the tax levy limit results in a negative number.
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.
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.
Provides that a payment in lieu of taxes shall be equal to no more than two percent of the increase in total tax rate for the current tax year over the total tax rate of the prior tax year, if any, based upon the assessed value as reflected on the final assessment roll of the current tax year.
Provides that a payment in lieu of taxes shall be equal to no more than two percent of the increase in total tax rate for the current tax year over the total tax rate of the prior tax year, if any, based upon the assessed value as reflected on the final assessment roll of the current tax year.
Directs a city with a population of one million or more to reduce its real property tax levy for the 2024 fiscal year by an amount not less than the real property tax increase authorized pursuant to local law 40 of the city of New York for the year 2002.