Vote Smart's Synopsis:

Vote to pass a bill that limits the amount by which a city with a population of at least 1 million individuals, including New York City, can increase property taxes annually, effective for fiscal year 2016.

Highlights:

• Limits the annual increase in property taxes levied by a local government with a population of at least 1 million individuals to an “allowable growth factor” (Sec. 1).

• Defines “allowable growth factor” as either 2 percent or the annual national inflation rate calculated using the Consumer Price Index, whichever is less (Sec. 1).
• Authorizes additional increases in property taxes for the following expenditures (Sec. 1):
• Expenses for capital projects approved by voters in the prior fiscal year; and
• Expenses for legal settlements against the local government that exceed 10 percent of property taxes levied in the prior fiscal year.

• Authorizes the local government to adopt a budget that requires a tax increase greater than the allowable growth factor if the city council votes by a two-thirds majority to override the limitation for the coming fiscal year (Sec. 1).

Full Bill Text