N.Y. General Municipal Law § 3-b: Limitation on real estate tax in New York city

§ 3-b. Limitation on real estate tax in New York city. 1. The amount

to be raised by tax on real estate in any fiscal year commencing on or

after July first, nineteen hundred fifty-four by the city of New York

and the counties contained therein for city and county purposes, in

addition to providing for the interest on and the principal of all

indebtedness, shall not, except as otherwise provided herein, exceed an

amount equal to a combined total of two and one-half per centum of the

average full valuation of taxable real estate of such city less the

amount to be raised by tax on real estate in such year for the payment

of the interest on and redemption of certificates or other evidence of

indebtedness described in paragraphs A and D of section five of article

eight of the constitution, or renewals thereof; provided, however, that

for the fiscal year commencing July first, nineteen hundred fifty-three

the amount to be so raised by tax as provided in this section shall be

not in excess of a combined total of two per centum computed as provided

herein plus fifty million dollars. The average full valuation of taxable

real estate of such city shall be determined as provided by section ten

of article eight of the constitution.

2. Notwithstanding the provisions of subdivision one of this section,

if any railroad, as defined in the rapid transit law, is operated by the

board of transportation or any other agency, except the New York city

transit authority created pursuant to title fifteen of the public

authorities law, on or after July first in any year, the amount to be

raised by tax as provided in subdivision one of this section shall not

be in excess of a combined total percentage of two per centum for the

city's fiscal year commencing July first in such year and no more. In

addition, for the fiscal year commencing July first, nineteen hundred

fifty-three, this further limitation to two per centum with no

additional amount, as set forth in this subdivision, shall apply unless

the board of estimate shall have entered into an agreement pursuant to

the provisions of section eighteen hundred three of the public

authorities law, as amended, on or before June first, nineteen hundred

fifty-three with such authority to transfer to it transit facilities

owned by the city, and such transfer is completed prior to July first,

nineteen hundred fifty-three.