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File #: Res 1357-2020    Version: * Name: Establishing for Fiscal 2021 a limit of a one-half of one 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.
Type: Resolution Status: Adopted
Committee: Committee on Finance
On agenda: 6/30/2020
Enactment date: Law number:
Title: Resolution establishing for Fiscal 2021 a limit of a one-half of one 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.
Sponsors: Daniel Dromm
Council Member Sponsors: 1
Attachments: 1. Property Tax Fixing Resolutions Packet, 2. Res. No. 1357, 3. Committee Report, 4. Hearing Transcript, 5. June 30, 2020 - Recessed Stated Meeting Agenda with Links to Files, 6. Hearing Transcript - Stated Meeting 6-30-20
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
6/30/2020*Daniel Dromm City Council Approved, by CouncilPass Action details Meeting details Not available
6/30/2020*Daniel Dromm Committee on Finance Hearing on P-C Item by Comm  Action details Meeting details Not available
6/30/2020*Daniel Dromm Committee on Finance P-C Item Approved by CommPass Action details Meeting details Not available
6/30/2020*Daniel Dromm City Council Referred to Comm by Council  Action details Meeting details Not available
6/30/2020*Daniel Dromm City Council Introduced by Council  Action details Meeting details Not available

Preconsidered Res. No. 1357

 

Resolution establishing for Fiscal 2021 a limit of a one-half of one 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.

 

By Council Member Dromm

Whereas, Section 1803-b(1)(b) requires the New York City Council (the “Council”) to distribute the tax levy among the four classes of real property based on the adjusted base proportions as computed by the Council; and

Whereas, Pursuant to section 1803-a(1)(5), the adjusted base proportions are computed using the current base proportions as calculated by the Council; and

Whereas, Section 1803-a(1)(c) of the Real Property Tax Law 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, Notwithstanding the provisions of section 1803-a(1)(c), for Fiscal 2021, pursuant to Chapter 58 of the State Laws of 2020, 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 October 1, 2020; and

Whereas, For Fiscal 2021, the Council has determined to set a limit of one-half of one percent 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; now, therefore, be it

Resolved, That the Council of the City of New York establishes for Fiscal 2021 a limit of a one-half of one 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.

LS#15557

6/28/20