Increases credits against taxes imposed on the transfer of the New York estate by every deceased individual who at his or her death was a resident of New York state by setting the basic exclusion amount to $11,200,000.
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.