Bill > S00411

This bill establishes the New York City truth in budgeting act, which requires the city to provide transparency and public input when proposing property tax increases exceeding 2% over the previous fiscal year. Specifically, the city must issue a detailed report to the state legislature and city council that prominently displays "PROPOSED TAX INCREASE" and provides comprehensive information about proposed tax rates, comparing them to a scenario of zero growth in the property tax levy. The city must also publish notices in at least three newspapers, describing the proposed tax increases and their potential impact on property owners across different property tax classes, using representative examples. Additionally, the bill mandates that the city hold a series of public hearings on the proposed tax increases at convenient times and locations throughout the city, ensuring these hearings are accessible to the public and comply with open meetings laws. The goal of the bill is to increase transparency, provide clear information to taxpayers, and give residents an opportunity to understand and provide input on potential property tax increases before they are finalized in the city's budget.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S411