File #: Int 0618-2022    Version: * Name: Imposing a limit upon the real property tax levy.
Type: Introduction Status: Filed (End of Session)
Committee: Committee on Finance
On agenda: 8/11/2022
Enactment date: Law number:
Title: A Local Law in relation to imposing a limit upon the real property tax levy
Sponsors: Robert F. Holden, Kalman Yeger , Joseph C. Borelli, Inna Vernikov
Council Member Sponsors: 4
Summary: This local law would prohibit the City Council from adopting a budget for the ensuing fiscal year that would require a property tax levy to be generated that is either two percent or the rate of inflation larger, whichever is less, than the prior year’s property tax levy. The Council may authorize the passage of a budget with a larger-than-authorized levy, it is passes a resolution with a two-thirds majority stating the reasons why the exception for the ensuing fiscal year is needed.
Indexes: Sunset Date Applies
Attachments: 1. Summary of Int. No. 618, 2. Int. No. 618, 3. August 11, 2022 - Stated Meeting Agenda, 4. Hearing Transcript - Stated Meeting 8-11-22, 5. Minutes of the Stated Meeting - August 11, 2022

Int. No. 618

 

By Council Members Holden, Yeger, Borelli and Vernikov

 

A Local Law in relation to imposing a limit upon the real property tax levy

 

Be it enacted by the Council as follows:

 

Section 1. Definitions. For purposes of this section:

Allowable levy growth factor. The term “allowable levy growth factor” means the lesser of: (a) one and two one-hundredths; or (b) the sum of one plus the inflation factor, provided, however, that in no case shall the allowable levy growth factor be less than one.

Inflation factor. The term “inflation factor” means the quotient of: (a) the average of the   national consumer price indexes determined by the United States department of labor for the twelve-month period ending six months prior to the start of the coming fiscal year minus the average of the national consumer price indexes determined by the United States department of   labor  for  the twelve-month period ending six months prior to the start of the prior fiscal year, divided by (b) the average of the national consumer price indexes determined by the United States department of labor for the twelve-month period ending six months prior to the start of the prior fiscal year, with the result expressed as a decimal to four places.

Tax levy limit. The term “tax levy limit” means the amount of taxes authorized to be levied by the council for each fiscal year.

Tax or taxes. The terms “tax” or “taxes” mean (a) a charge imposed upon real property by the city of New York, and (b) special ad valorem levies and special assessments as defined in subdivisions fourteen and fifteen of section one hundred two of the real property tax law.

§ 2. In no event shall the council adopt a budget for the ensuing fiscal year that requires a tax levy that is greater than the current year’s tax levy multiplied by the allowable growth factor.

§ 3. Notwithstanding the preceding paragraph, the council may adopt a budget that requires a tax levy that is greater than the tax levy limit for the ensuing fiscal year if, prior to the adoption of the budget, the council, by two-thirds vote of all the council members, approves a resolution authorizing the greater tax levy for the ensuing fiscal year. Such resolution shall set forth the reason or reasons why the council is authorizing an exception to the tax levy limit. 

§ 4. This local law takes effect immediately and expires and is deemed repealed on December 31, 2023. 

 

 

 

 

 

 

 

Session 12

MMB

LS #9603

6/28/22; 11:08 a.m.

 

Session 11

RKC

LS #5544

Int. 1566-2019