Bill > S02160

This bill prohibits the city of New York from increasing property taxes on class one and class two properties when their market value has decreased in the previous year. Specifically, for one year after a property's market value declines, the property's assessed value (the value used to calculate property taxes) will be set at the lower of either the previous year's assessed value or a new calculated value based on the current market value multiplied by the assessment ratio. Class one properties typically include one- to three-family residential homes, while class two properties generally encompass residential properties with more than three units, such as apartment buildings. The bill aims to provide tax relief for property owners by ensuring that their property taxes do not increase during a period of declining property values, offering a form of financial protection during potential economic downturns or localized real estate market contractions.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S2160