Res 0625-2024

Whereas, On May 24, 2024, pursuant to Section 1514 of the New York City Charter, the Commissioner of Finance delivered to the New York City Council (Council) the certified assessment rolls for all real property assessable for taxation in the City in each borough thereof for Fiscal 2025, a certified copy of which is in the Office of the Clerk of the City pursuant to Section 516 of the Real Property Tax Law (the "Fiscal 2025 Assessment Rolls"); and Whereas, On June 30, 2024, the Council passed a resolution to compute and certify the current base proportion, the current percentage, and the base percentage of each class of real property in the City for Fiscal 2025 pursuant to Section 1803-a(1) of the Real Property Tax Law (the "Current Base Proportion Resolution"); and Whereas, Section 1803-a(5) of the Real Property Tax Law requires the Council, subsequent to the filing of the final Fiscal 2025 Assessment Rolls, to adjust current base proportions to reflect additions to and removals from the Fiscal 2025 Assessment Rolls as described therein (each such current base proportion so adjusted to be known as an "Adjusted Base Proportion"); and Whereas, Within five days upon determination of the Adjusted Base Proportions, Section 1803-a(6) of the Real Property Tax Law, requires the Council to certify the Adjusted Base Proportion for each class of real property applicable to the City, the assessed value of all property in each class of real property, the net change in assessed value for each class on the Fiscal 2025 Assessment Rolls resulting from the additions to or removals from the Fiscal 2025 Assessment Rolls as described above, and the net change in assessed value for each class on the Fiscal 2025 Assessment Rolls resulting from changes other than those referred to above; and Whereas, After the June 30, 2024, passage of the Current Base Proportion Resolution, Section 1803-a of the Real Property Tax Law was amended by Chapter 210 of the State Laws of 2024 by adding a new paragraph (mm) to subdivision 1 of such section, authorizing the Council to adjust the limit on the percent increase of the current base proportion of any class over its adjusted base proportion of the immediately preceding year for purposes of determining the current base proportion, provided that such limit shall be no more than five percent, and provided further that such determination must be made by November 1, 2024; and Whereas, A resolution to determine a 0.9 percent increase of the current base proportion of any class over the adjusted base proportion of the immediately preceding year for purposes of determining the current base proportion for Fiscal 2025 is authorized under Section 1803-a(1)(mm) and pending in the Council (the "Class Share Cap Resolution"); Whereas, A resolution to amend and restate the Current Base Proportion Resolution computing and certifying the base percentage, current percentage, and current base proportion of each class of real property for Fiscal 2025, based upon the determination set forth in the Class Share Cap Resolution, is pending in the Council; NOW, THEREFORE, be it resolved by The Council of The City of New York as follows: Section 1. Computation and Certification of Adjusted Base Proportions and Related Information for Fiscal 2025. (a) The Council hereby computes and certifies the Adjusted Base Proportion for each class of real property applicable to the City, the assessed value of all property in each class of real property, the net change in assessed value for each class on the Fiscal 2025 Assessment Rolls resulting from the additions to or removals from the Fiscal 2024 Assessment Rolls as described in Section 1803-a(5) of the Real Property Tax Law, and the net change in assessed value for each class on the Fiscal 2025 Assessment Rolls resulting from changes other than those described in Section 1803-a(5) of the Real Property Tax Law, as shown on SBRPTS Form RP-6702, attached hereto as Exhibit A and incorporated herein by reference (the "ABP Certificate"). (b) The Clerk of the Council is hereby authorized and directed to execute the ABP Certificate and to file it with the SBRPTS no later than five days after the date hereof. Section 2. Effective Date. This resolution takes effect on the same date as a resolution by the Council determining a 0.9 percent increase of the current base proportion of any class of real property over the adjusted base proportion of the immediately preceding year for purposes of determining the current base proportion for Fiscal 2025 takes effect. AW/EE 9/25/2024 1