Senate bill · S9416 (2025-26)
Relates to increasing the number of units subject to an assessment cap
New York State Senate
Sponsor: Stephen T. Chan (State Senator, District 17, Republican/Conservative)
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From NY Open Legislation, the NY Senate and Assembly, and official rosters. This record was last updated Oct 20, 2026. About our data
Summary
Relates to increasing the number of units subject to an assessment cap; provides that the assessment roll of a special assessing unit wholly contained within a city shall identify those parcels classified in class two which have fewer than thirty-five residential units.
Summary from NY Open Legislation. How we handle summaries
Amends the Real Property Tax Law.
Purpose, from the sponsor's memo
To expand eligibility for assessment limitations for certain class two residential properties within special assessing units.
Filed with the bill. Read it on nysenate.gov (opens in a new tab)
Where it stands
Assigned to a committee for review.
- Introduced
- In committee
- Up for a vote
- Passed one chamber
- Passed
- Enacted
Committee
Local Government · New York State Senate
Your position on this bill
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The sponsor's argument
Why Stephen T. Chan says this is needed
Under Real Property Law section 1805 (2), class 2 properties with 10 or fewer units are subject to caps on how much their assessed value increases to 8% per year or 30% over a five-year period. This bill would expand the applicability of this law to include buildings with 35 or fewer units. These buildings are subject to pressure from increasing costs for real property taxes, insurance, regulatory and frozen rents. It is critical to ensure that smaller buildings are preserved and able to maintain safe living conditions for tenants. Smaller buildings do not have the scale to absorb escalating costs. This bill recognizes that reality and provides some assistance to these buildings by provid- ing for the caps on their assessments.
This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.
Full history
- Mar 10, 2026
Referred to committee
REFERRED TO LOCAL GOVERNMENT
NY Senate
Read the record
- Read on NY Senate (opens in a new tab) The official record on nysenate.gov.