Preconsidered Res. No. 558

Resolution amending and restating the resolution computing and certifying base percentage, current percentage and current base proportion of each class of real property for Fiscal 2011 to the state board of real property services pursuant to Section 1803-a, Real Property Tax Law.

By Council Member Recchia

Whereas, on November 24, 2009, the State Board of Real Property Tax Services (the "SBRPTS") certified the final state equalization rate, class ratios and class equalization rates for the City's Fiscal 2011 assessment rolls, required by Article 18, Real Property Tax Law; and

Whereas, Section 1803-a (1), Real Property Tax Law, requires the Council to compute and certify, to the SBRPTS, for each tax levy, the base percentage, the current percentage and the current base proportion of each class of real property in the City subsequent to the date on which the SBRPTS files with the Clerk of the Council a certification setting forth the final state equalization rate, class ratios and class equalization rates for the City's Fiscal 2011 assessment rolls, pursuant to Section 1212, Real Property Tax Law; and

Whereas, on June 29, 2010, the Council adopted a resolution computing and certifying the base percentage, current percentage and current base proportion of each class of real property for Fiscal 2011 to the State Board of Real Property Tax Services pursuant to Section 1803-a, Real Property Tax Law (the "June 29^th Resolution"); and

Whereas, the June 29^th Resolution reflects a 5.0 percent cap on any increase in the current base proportion for any class of real property, as compared with the previous year's adjusted base proportion; and

Whereas, after the adoption of the June 29^th Resolution, Section 1803-a, Real Property Tax Law, was amended to lower the percent of increase in the current base proportion as compared with the previous year's adjusted base proportion to 2.5 percent;

NOW, THEREFORE, be it resolved by The Council of The City of New York as follows:

Section 1. Computation and Certification of Base Percentages, Current Base Percentages and Current Base Proportions for Fiscal 2011. (a) The Council hereby computes and certifies the base percentage, the current percentage and the current base percentage for the City's Fiscal 2011 assessment rolls as shown on SBRPTS Form RP-6700, attached hereto as Exhibit A and incorporated herein by reference (the "CBP Certificate").

(b) The Clerk of the Council is hereby authorized and directed to execute the CBP Certificate and to file it with the SBRPTS after the date on which the SBRPTS filed with the Clerk of the Council a certification setting forth the final state equalization rate, class ratios and class equalization rates for the City's Fiscal 2011 assessment rolls, pursuant to Section 1212, Real Property Tax Law.

Section 2. Effective Date. This resolution shall take effect as of the date hereof.

RP-6700 (1/95) (Formerly EA6700)                     EXHIBIT A

STATE BOARD OF REAL PROPERTY TAX SERVICES (Formerly State Board of Equalization and Assessment)

16 Sheridan Avenue, Albany, NY 12210-2714

Certificate of Base Percentages, Current Percentages and

Current Base Proportions for the City of New York Pursuant to for the Levy of Taxes on the 2010 Assessment Roll

Special Assessing Unit                     

Check One to Identify Portion: County                     ; City _x ; Town                     ; Village                     ; Town Outside Village Area                     ; School District                     ; Special District                     

Name of Portion

SECTION III                     Determination of Current Percentages

(J)                     (K)                     (L)                     (M)

2009 Taxable                     2009 Class Equalization                     Estimated Market Value                     Current Percentages

Class                     Assessed Value                     Rate                     J/(K/ 100)                     (L/Sum of L)* 100

(N)

Class                     Local Base Proportion

(0)

Updated Local
Base Proportion
N*(M/I)

(P)

Prospective Current
Base Proportion
Column (0)
Prorated to 100.00

(Q)

Adjusted Base
Proportion Used for
Prior Tax Levy

(R)

Percent Difference Between
Prior Year Adjusted Base
Proportion and Prospective
Current Base Proportion
((P/Q)-1)*100

(S)

Maximum Current
Base Proportion
(Q * 1.025)

(T)

Current
Base Proportions
for 2010 Roll