Budget & Taxes (Property Tax)

This bill limits annual increases in property taxes for New York City (the only city in New York State with over 1 million residents). It sets a cap on how much the city can raise property taxes each year, based on either the inflation rate or a fixed 1.02% growth factor, whichever is lower. The cap allows cities to carry over unused tax room from previous years (up to 1.5% of the limit) and excludes certain capital projects and legal settlements from the calculation. The law takes effect for the 2026 fiscal year, requiring the state comptroller to calculate and notify the city of the annual tax levy limit.