Bill Text: NY A06498 | 2015-2016 | General Assembly | Amended

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Bill Title: Limits, in cities having a population of one million or more, the annual increase in real property taxes.

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Introduced - Dead) 2016-02-01 - print number 6498a [A06498 Detail]

Download: New_York-2015-A06498-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                         6498--A
                               2015-2016 Regular Sessions
                   IN ASSEMBLY
                                     March 25, 2015
                                       ___________
        Introduced  by  M. of A. CUSICK, TITONE, MALLIOTAKIS, SIMANOWITZ -- read
          once and referred to the Committee on Ways and Means -- recommitted to
          the Committee on Ways and Means in accordance with  Assembly  Rule  3,
          sec.  2  --  committee  discharged, bill amended, ordered reprinted as
          amended and recommitted to said committee
        AN ACT to amend the general municipal law and the  municipal  home  rule
          law,  in  relation  to establishing limitations upon real property tax
          levies in cities with a population of one million or more
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  The  general  municipal  law  is  amended by adding a new
     2  section 3-e to read as follows:
     3    § 3-e. Limitation upon real property tax levies  by  cities  having  a
     4  population of one million or more.  1. Unless otherwise provided by law,
     5  the  amount of real property taxes that may be levied by or on behalf of
     6  any city having a population of one million or more shall not exceed the
     7  tax levy limitation established pursuant to this section.
     8    2. When used in this section:
     9    (a) "Allowable levy growth factor" shall be the lesser of: (i) one and
    10  two one-hundredths; or (ii) the sum of one plus  the  inflation  factor;
    11  provided,  however, that in no case shall the levy growth factor be less
    12  than one.
    13    (b) "Approved capital expenditures" means the expenditures  associated
    14  with capital projects that have been approved by the qualified voters of
    15  the local government.
    16    (c) "Available carryover" means the sum of the amount by which the tax
    17  levy  for  the  prior  fiscal year was below the tax levy limit for such
    18  fiscal year, if any, but no more than one and one-half  percent  of  the
    19  tax levy limit for such fiscal year.
    20    (d) "Capital tax levy" means the tax levy necessary to support capital
    21  expenditures, if any.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01701-05-6