New York A00876 prohibits the city from increasing property taxes if a property's assessed value has decreased in the previous year, applying only to.

New York A00876 amends the administrative code of New York City to prevent the city from raising property taxes on class one and class two properties if the property's assessed value has decreased in the previous year. The assessed value must be the lesser of the assessed value from the prior year or the product of the assessment ratio times the market value. This provision takes effect immediately.

New York A00876 prohibits the city from increasing property taxes if a property's assessed value has decreased in the previous year, applying only to.

New York A00876 amends the administrative code of New York City to prevent the city from raising property taxes on class one and class two properties if the property's assessed value has decreased in the previous year. The assessed value must be the lesser of the assessed value from the prior year or the product of the assessment ratio times the market value. This provision takes effect immediately.