To view and compare property tax history see https://tax.tidalforce.org/
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To compare property against the current nyc mayor use https://tax.tidalforce.org/#search/3010230033
For a direct link to the law section see https://www.nysenate.gov/legislation/laws/RPT/1805
Also see https://www.nysenate.gov/legislation/laws/RPT/305
This, in essence, says that the City of New York can continue to classify property and use their prior to 1980 assessment standard.
If you think about some consequences of this limitation to assessment changes which DOES NOT INCLUDE "improvements" you will see that strange results will follow.
Think about the Hurricane Sandy affected homes, the homeowner is assessed at a value A and then the storm hits, they fix their home and the "improvement" is B. The limit to the increase in assessed value of 6% does not apply to "improvements". Of course, the homeowner would probably not consider the "repair" an "improvement" but the real estate tax law does distinguish them.
This is a reason, we in New York State, had to pass a special law for Hurricane Sandy victims. If this seems strange, then consider this.
For details, see: http://timingblog.brooklynmarathon.com/2014/03/the-inequities-of-new-york-city-and-new.html
You move to an area and buy a home and you legally repair it with the proper permits. The home was in disrepair but the assessed value was still high because it appears NYC Assessor do not account for depreciation, only appreciation. You will receive a 100% or more property tax bill increase.
Consider another situation where you buy a home and you bid up the price to millions of dollars and the home was assessed at a low value before the purchase and you perform no legal "improvements". In this case, you will receive only a 6% assessment increase and a very small change in your tax bill.
It seems strange that depreciation is not accounted for in New York City and the purchase price of the home does not seem to directly affect the property tax bill.
Compare to Proposition 13 in California where the purchase price is the assessed value.
§ 1805-a. Assessment of real property damaged by the severe storm that
occurred on the twenty-ninth and thirtieth of October, two thousand
twelve in a city having a population of one million or more. 1.
Generally. Notwithstanding any provision of any general, special or
local law to the contrary, any city having a population of one million
or more is hereby authorized and empowered to adopt and amend local
laws in accordance with this section to provide that the assessed
value of affected real property, as defined in subdivision three of
this section, shall be subject to the limitations provided in this
§ 305. Assessment methods and standard.
1. The existing assessing methods in effect in each assessing unit on the effective date of this section may continue.
All real property in each assessing unit shall be assessed at a uniform percentage of value (fractional assessment) except that, if
the administrative code of a city with a population of one million or
more permitted, prior to January first, nineteen hundred eighty-one, a
classified assessment standard, such standard shall govern unless such
city by local law shall elect to be governed by the provisions of this
Any assessing unit in which assessments are at full value by reason of a revaluation may adopt a level of assessment in accordance
with this section.