Bill > S07091

This bill requires New York City, which has a population over one million, to reduce its real property tax levy for the 2026 fiscal year by an amount at least equal to the tax increase that was originally authorized by Local Law 40 in 2002. The bill effectively mandates a tax reduction that corresponds to a specific past tax increase, essentially providing a form of tax relief for property owners in the city. By specifying that this reduction must occur "notwithstanding any provision of general, special or local law to the contrary," the bill ensures that its requirement will take precedence over existing statutory provisions. The bill is straightforward and concise, with an immediate effective date, meaning it would go into effect as soon as it is signed into law.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7091