Res 1103-2025

Whereas, On February 4, 2025, the State Board of Real Property Tax Services (SBRPTS) certified the final State equalization rate, class ratios, and class equalization rates for the City's 2024 assessment rolls; and Whereas, Section 1803-a(1) of the Real Property Tax Law requires the Council to compute and certify to the SBRPTS, for each tax levy, the base percentage, the current percentage, and the current base proportion of each class of real property in the City subsequent to the date on which the SBRPTS files with the Clerk of the Council a certification setting forth the final state equalization rate, class ratios, and class equalization rates for the City's Fiscal 2026 assessment rolls, pursuant to Section 1212 of the Real Property Tax Law; and Whereas, On June 30, 2025, the Council adopted a resolution computing and certifying the base percentage, current percentage, and current base proportion of each class of real property for Fiscal 2026 to the SBRPTS pursuant to Section 1803-a of the Real Property Tax Law (the "June 30th Resolution"); and Whereas, The June 30th Resolution reflects a five percent limit on any increase in the current base proportion for any class of real property, as compared with the previous year's adjusted base proportion; and Whereas, After the adoption of the June 30th Resolution, Section 1803-a of the Real Property Tax Law was amended by Chapter 487 of the State Laws of 2025, which codified Section 1803-a(1)(nn), to authorize 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 December 1, 2025; and Whereas, A limit of a 1 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 2026 is authorized under Section 1803-a(1)(nn) of the Real Property Tax Law; NOW, THEREFORE, be it resolved by the Council of The City of New York as follows: Section 1. Computation and Certification of Base Percentages, Current Base Percentages and Current Base Proportions for Fiscal 2026. (a) The Council hereby computes and certifies the base percentage, the current percentage, and the current base percentage for the City's Fiscal 2026 assessment rolls as shown on SBRPTS Form RP-6700, attached hereto as Exhibit A and incorporated herein by reference (the "CBP Certificate"). (b) The Clerk of the Council is hereby authorized and directed to execute the CBP Certificate and to file it with the SBRPTS after the date on which the SBRPTS filed with the Clerk of the Council a certification setting forth the final state equalization rate, class ratios, and class equalization rates for the City's Fiscal 2026 assessment rolls, pursuant to Section 1212 of the Real Property Tax Law. Section 2. Effective Date. This resolution takes effect on the same date as a resolution by the Council determining a 1 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 2026 takes effect. AW/EE 10/20/2025 2