Directs a city with a population of one million or more to reduce its real property tax levy for the 2026 fiscal year.
The bill mandates that a city with a population of one million or more must reduce its real property tax levy for the 2026 fiscal year by an amount not less than the real property tax increase authorized pursuant to local law 40 of the city of New York for the year 2002. This requirement applies regardless of any conflicting provisions in general, special, or local laws. The act takes effect immediately.
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