Prohibits New York City from raising property taxes on class one and two properties if their assessed value decreased the previous year.

The bill amends the administrative code of New York City to prevent increases in property taxes for class one and class two properties if their assessed value decreased in the previous year. The assessed value for these properties will be the lesser of the prior year's assessed value or the product of the assessment ratio times the market value. This provision applies only to class one and class two properties as defined in the real property tax law. The act takes effect immediately.

Prohibits New York City from raising property taxes on class one and two properties if their assessed value decreased the previous year.

The bill amends the administrative code of New York City to prevent increases in property taxes for class one and class two properties if their assessed value decreased in the previous year. The assessed value for these properties will be the lesser of the prior year's assessed value or the product of the assessment ratio times the market value. This provision applies only to class one and class two properties as defined in the real property tax law. The act takes effect immediately.