Limits, in cities having a population of one million or more, the annual increase in real property taxes.

The bill amends the general municipal law and the municipal home rule law to establish limitations on real property tax levies in cities with a population of one million or more. It sets a cap on the annual increase in real property taxes, calculated by the state comptroller based on factors like inflation and prior year tax levies. Local governments can exceed this limit only if their city council enacts a local law with a two-thirds vote. The bill takes effect immediately and applies to tax levies starting in 2026.

Limits, in cities having a population of one million or more, the annual increase in real property taxes.

The bill amends the general municipal law and the municipal home rule law to establish limitations on real property tax levies in cities with a population of one million or more. It sets a cap on the annual increase in real property taxes, calculated by the state comptroller based on factors like inflation and prior year tax levies. Local governments can exceed this limit only if their city council enacts a local law with a two-thirds vote. The bill takes effect immediately and applies to tax levies starting in 2026.