File #: Res 0623-2024    Version: * Name: Determine a 0.9 percent increase of the current base proportion of any class of real property over the adjusted base proportion of the immediately preceding year for purposes of determining the current base proportion for Fiscal 2025.
Type: Resolution Status: Adopted
Committee: Committee on Finance
On agenda: 10/23/2024
Enactment date: Law number:
Title: Resolution to determine a 0.9 percent increase of the current base proportion of any class of real property over the adjusted base proportion of the immediately preceding year for purposes of determining the current base proportion for Fiscal 2025.
Sponsors: Justin L. Brannan
Council Member Sponsors: 1
Attachments: 1. Res. No. 623, 2. Committee Report, 3. Hearing Transcript, 4. October 23, 2024 - Stated Meeting Agenda
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
10/23/2024*Justin L. Brannan City Council Approved, by CouncilPass Action details Meeting details Not available
10/23/2024*Justin L. Brannan City Council Referred to Comm by Council  Action details Meeting details Not available
10/23/2024*Justin L. Brannan City Council Introduced by Council  Action details Meeting details Not available
10/23/2024*Justin L. Brannan Committee on Finance Hearing on P-C Item by Comm  Action details Meeting details Not available
10/23/2024*Justin L. Brannan Committee on Finance P-C Item Approved by CommPass Action details Meeting details Not available

Preconsidered Res. No. 623

 

Resolution to determine a 0.9 percent increase of the current base proportion of any class of real property over the adjusted base proportion of the immediately preceding year for purposes of determining the current base proportion for Fiscal 2025.

 

By Council Member Brannan

Whereas, The Real Property Tax Law (RPTL) sets forth provisions for allocating real property taxes among classes of real property; and

Whereas, Section 1803-b(1)(b) of the RPTL requires the New York City Council (Council) to certify the adjusted base proportion for each of the four real property classes in New York City to the New York City Commissioner of Finance and the New York State Commissioner of Taxation and Finance; and

Whereas, Pursuant to section 1803-a(5) of the RPTL, the adjusted base proportion for each such class shall be computed using the current base proportion, as calculated pursuant to section 1803-a(1)(b) of the RPTL; and

Whereas, Section 1803-a(1)(c) of the RPTL requires that if any increase in the current base proportion for any class of real property, as compared with the previous year's adjusted base proportion for such class of property, shall exceed five percent, such excess over five percent must be shifted to any other class of property (this percent limit to be known as the “Class Share Cap”); and

Whereas, Despite the default requirements of section 1803-a(1)(c) of the RPTL, pursuant to Chapter 210 of the State Laws of 2024, which codified section 1803-a(1)(mm), the Council is authorized to adjust the Class Share Cap by changing the percent increase of the current base proportion of any class over its adjusted base proportion of the immediately preceding year for purposes of determining the current base proportion, provided that such percent increase shall be no more than five percent, and provided further that such determination must be made by November 1, 2024; and

Whereas, A limit of a 0.9 percent increase of the current base proportion of any class over the adjusted base proportion of the immediately preceding year for purposes of determining the current base proportion for Fiscal 2025 is authorized under the RPTL; now, therefore, be it

Resolved, That the Council of the City of New York determines a 0.9 percent increase of the current base proportion of any class of real property over the adjusted base proportion of the immediately preceding year for purposes of determining the current base proportion for Fiscal 2025. 

AW/EE

9/25/24