A 876: 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.

  
  STATE OF NEW YORK ________________________________________________________________________ 876 2025-2026 Regular Sessions  IN ASSEMBLY (Prefiled) January 8, 2025 ___________ 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: 1 Section 1. The administrative code of the city of New York is amended 2 by adding a new section 11-239.1 to read as follows: 3 § 11-239.1 Assessments following decreased valuation. For a period of 4 a year after a real property's market value has decreased, the assessed 5 value of such property shall be the lesser of the assessed value in the 6 prior year or the product of the assessment ratio times the market 7 value. This section shall apply only to class one and class two proper- 8 ties as such classes are defined in subdivision one of section eighteen 9 hundred two of the real property tax law. 10 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD03332-01-5