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A 876

Prohibits the city of New York from increasing property taxes where a property's assessed value has decreased in the previous year

2025 Regular Session Introduced by Nily Rozic

Bill A 876 protects NYC property owners by preventing tax increases on properties with decreased assessed values, ensuring financial stability during market downturns.

REFERRED TO REAL PROPERTY TAXATION
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Bill Summary · A 876

Summary of Bill A 876

Bill Number: A 876
Title: Prohibits the City of New York from Increasing Property Taxes Where a Property's Assessed Value Has Decreased in the Previous Year
Status: Referred to Real Property Taxation
Introduced: January 08, 2025
Classification: Bill

Purpose and Intent

Bill A 876 aims to provide financial relief to property owners in New York City by preventing the city from increasing property taxes on properties that have experienced a decrease in their assessed value in the previous year. The intent of this legislation is to protect homeowners and property owners from potential financial burdens during periods of declining property values.

Key Provisions

  • Prohibition on Tax Increases: The bill explicitly prohibits the City of New York from raising property taxes on any property whose assessed value has fallen compared to the previous year.
  • Assessment Criteria: The legislation focuses on the assessed value of properties, which is determined by the city's assessment process. If a property’s assessed value decreases, the property tax cannot be increased for that property.

Impact

Who Would Be Affected?

  • Property Owners: Homeowners and commercial property owners in New York City would benefit from this bill, as it aims to stabilize their tax obligations during economic downturns or fluctuations in the real estate market.
  • City Revenue: The city may experience a reduction in property tax revenue from properties that meet the criteria set forth in the bill, potentially impacting budget allocations for city services.

Broader Implications

  • Market Stability: By preventing tax increases on properties with declining values, the bill may contribute to greater stability in the real estate market, encouraging property owners to maintain their investments without the fear of rising taxes.
  • Legislative Context: This bill is part of a broader discussion on property tax reform in New York City, as indicated by its relation to several prior-session bills (A 321, A 9144, A 1324, A 3788, A 401, A 1379) and its companion bill S 2160.

Procedural Aspects

  • Legislative Action: As of January 8, 2025, the bill has been referred to the Real Property Taxation committee for further consideration. The timeline for further actions or votes on the bill will depend on the committee's schedule and priorities.

In summary, Bill A 876 seeks to protect property owners in New York City from tax increases during periods of declining property values, aiming to provide financial stability and support to the local real estate market.

Compiled from official sources — confirm details with the bill’s official record.

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