Enacts the New York City truth in budgeting act to require notice and a public hearing prior to an increase in the real property tax levy greater.

The New York City truth in budgeting act requires the city of New York to limit increases in the real property tax levy to no more than two percent over the prior year. If the city proposes a greater increase, it must issue a report comparing the proposed tax rates with those assuming zero growth. The city must also publish a notice in at least three newspapers with the words "PROPOSED TAX INCREASE" in bold upper-case font no smaller than 18 point.

Enacts the New York City truth in budgeting act to require notice and a public hearing prior to an increase in the real property tax levy greater.

The New York City truth in budgeting act requires the city of New York to limit increases in the real property tax levy to no more than two percent over the prior year. If the city proposes a greater increase, it must issue a report comparing the proposed tax rates with those assuming zero growth. The city must also publish a notice in at least three newspapers with the words "PROPOSED TAX INCREASE" in bold upper-case font no smaller than 18 point.