page_title: S7000A
section_title: Charts
hierarchical_section_title: S7000A / Charts
caption_attribution_description: English: New York City Property Tax as a percent of Expenditures based on data at https://ibo.nyc.ny.us/fiscalhistory.html
context_page_description: S.7000-A is the name given to the current dominant property tax law in effect in New York State affecting New York City. Surrounding areas such as Nassau County have similar laws. The bill was enacted in 1981 in response to the Hellerstein decision. The law is embodied in Article 18 of the New York State Real Property Law.
  The most significant portions of the law are the creation of tax classes, the limitation on assessment increases for small homes and for other residential property with 10 units or less, the setting of an upper limit for the "assessed value" as a percentage of "market value" across the different tax classes, and the limitation on the increase allowed in the allocation of the tax levy across the different tax classes from the previous year's assessment roll.
context_section_description: Historical charts showing the effect of New York State Tax Law S7000A on property tax growth.
  This is the link to the sheet that creates the charts.
  The New York City Independent Budget Office estimates a $4.5 billion budget gap in 2022.
caption: 1980-2018 New York City Property Tax as a percent of Expenditures
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