New York S00414 amends the real property tax law to exempt certain high-value properties from assessment increase caps.

New York S00414 amends the real property tax law to exempt class one dwellings assessed at over three million dollars from the cap on annual assessment increases. This exemption applies if the property owners' gross household income does not exceed $250,000. The bill also limits the total assessment increase to 20% over any five-year period for these properties. The changes will take effect on January 1 following the bill's enactment and apply to assessment rolls completed thereafter.

New York S00414 amends the real property tax law to exempt certain high-value properties from assessment increase caps.

New York S00414 amends the real property tax law to exempt class one dwellings assessed at over three million dollars from the cap on annual assessment increases. This exemption applies if the property owners' gross household income does not exceed $250,000. The bill also limits the total assessment increase to 20% over any five-year period for these properties. The changes will take effect on January 1 following the bill's enactment and apply to assessment rolls completed thereafter.