Bill > A07061

This bill establishes a temporary 13-member state commission on New York City property tax reform, designed to address longstanding inequities in the city's property tax system. The commission will include representatives from various government bodies, such as the governor's office, state legislature, New York City Council, and city departments, with the commissioner of taxation and finance serving as chair. The commission's primary goal is to propose property tax reforms that promote fairness, eliminate structural inequality, ensure similar properties are taxed similarly, support affordable and multifamily housing development, and provide relief programs for low- and moderate-income homeowners to prevent displacement. The mayor of New York City is required to submit a reform plan by August 31, 2025, drawing from the recommendations of the New York City Advisory Commission on Property Tax Reform. Following review of the mayor's plan, the temporary commission must submit a report with draft legislation and recommendations to the governor and legislature by December 31, 2025. Notably, commission members will not receive compensation but will be reimbursed for necessary expenses, and their appointments must be made within 14 days of the act's effective date. The bill aims to create a comprehensive and equitable approach to property taxation in New York City.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7061