Bill > S00414

This bill modifies the existing real property tax law by changing how assessment increases are calculated for certain class one residential properties (typically single-family homes). Currently, assessors are restricted from increasing property assessments by more than 6% in any single year and no more than 20% over a five-year period. The proposed change exempts properties valued over three million dollars from this assessment cap, but only for homeowners whose gross household income is $250,000 or less. This means that for high-value properties owned by households within this income threshold, assessors would have more flexibility to increase property assessments, potentially leading to higher property tax bills. The bill would take effect on the first day of January following its passage and would apply to assessment rolls completed on or after that date. The modification aims to adjust property tax assessment rules for higher-value properties while providing some income-based protection for homeowners.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S414