Provides that the cap on assessment increases for class one dwellings shall not apply to dwellings assessed at over three million dollars where the owners have a gross household income not exceeding $250,000.
Summary
Bill S00414 proposes to amend the real property tax law in New York by eliminating the cap on assessed value growth for certain class one properties, specifically those with a market value under three million dollars and owned by individuals with a gross household income not exceeding $250,000. The current law restricts the assessment increase to no more than six percent in any one year and no more than twenty percent over a five-year period. This bill seeks to provide relief to homeowners by allowing for potential increases in property assessments beyond these limits under specified conditions.
Impact
If enacted, this bill would significantly alter the landscape of property tax assessments for class one properties in New York. It would remove the existing cap on assessment increases for properties valued over three million dollars, which could lead to higher property taxes for those homeowners. The change may also affect local government revenues that rely on property taxes, potentially leading to budgetary adjustments at the municipal level.
Sentiment
The sentiment around Bill S00414 appears to be mixed, with some stakeholders expressing support for the removal of the cap as a means to allow for fairer property tax assessments, while others are concerned about the potential for increased tax burdens on homeowners. There have been no recorded votes or extensive committee discussions available, indicating that the bill may still be in early stages of consideration.
Contention
Notable points of contention include concerns from property owners about the potential for increased tax liabilities if the cap is lifted, as well as apprehensions from local governments regarding the impact on their revenue streams. Proponents argue that the bill could lead to a more equitable assessment process, while opponents fear it may disproportionately affect lower-income homeowners who could be pushed out of their residences due to rising taxes.
Provides that the cap on assessment increases for class one dwellings shall not apply to dwellings assessed at over three million dollars where the owners have a gross household income not exceeding $250,000.
Relates to increasing the number of units subject to an assessment cap; provides that the assessment roll of a special assessing unit wholly contained within a city shall identify those parcels classified in class two which have fewer than thirty-five residential units.
Precludes any legal entity from possessing, controlling or otherwise claiming legal title to real property exceeding an aggregate value of twenty-five million dollars ($25,000,000) in single-family dwellings or multi-family dwellings.
Imposes a property tax on non-owner occupied residential properties assessed worth at one million dollars ($1,000,000) and less than two million dollars ($2,000,000) and a higher tax on properties assessed at two million dollars ($2,000,000) or more.
Increases the threshold limit for charitable organizations with an annual gross income of five hundred thousand dollars ($500,000) to one million dollars ($1,000,000) or more.
Changes the assessment for residential property where forty percent (40%) of the dwellings are below eighty percent (80%) of statewide median income and thirty percent (30%) are below sixty percent (60%).