§ 3-b. Limitation on real estate tax in New York city.
1.The amount\nto be raised by tax on real estate in any fiscal year commencing on or\nafter July first, nineteen hundred fifty-four by the city of New York\nand the counties contained therein for city and county purposes, in\naddition to providing for the interest on and the principal of all\nindebtedness, shall not, except as otherwise provided herein, exceed an\namount equal to a combined total of two and one-half per centum of the\naverage full valuation of taxable real estate of such city less the\namount to be raised by tax on real estate in such year for the payment\nof the interest on and redemption of certificates or other evidence of\nindebtedness described in paragraphs A and D of section five of article\neight of the cons
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§ 3-b. Limitation on real estate tax in New York city. 1. The amount\nto be raised by tax on real estate in any fiscal year commencing on or\nafter July first, nineteen hundred fifty-four by the city of New York\nand the counties contained therein for city and county purposes, in\naddition to providing for the interest on and the principal of all\nindebtedness, shall not, except as otherwise provided herein, exceed an\namount equal to a combined total of two and one-half per centum of the\naverage full valuation of taxable real estate of such city less the\namount to be raised by tax on real estate in such year for the payment\nof the interest on and redemption of certificates or other evidence of\nindebtedness described in paragraphs A and D of section five of article\neight of the constitution, or renewals thereof; provided, however, that\nfor the fiscal year commencing July first, nineteen hundred fifty-three\nthe amount to be so raised by tax as provided in this section shall be\nnot in excess of a combined total of two per centum computed as provided\nherein plus fifty million dollars. The average full valuation of taxable\nreal estate of such city shall be determined as provided by section ten\nof article eight of the constitution.\n 2. Notwithstanding the provisions of subdivision one of this section,\nif any railroad, as defined in the rapid transit law, is operated by the\nboard of transportation or any other agency, except the New York city\ntransit authority created pursuant to title fifteen of the public\nauthorities law, on or after July first in any year, the amount to be\nraised by tax as provided in subdivision one of this section shall not\nbe in excess of a combined total percentage of two per centum for the\ncity's fiscal year commencing July first in such year and no more. In\naddition, for the fiscal year commencing July first, nineteen hundred\nfifty-three, this further limitation to two per centum with no\nadditional amount, as set forth in this subdivision, shall apply unless\nthe board of estimate shall have entered into an agreement pursuant to\nthe provisions of section eighteen hundred three of the public\nauthorities law, as amended, on or before June first, nineteen hundred\nfifty-three with such authority to transfer to it transit facilities\nowned by the city, and such transfer is completed prior to July first,\nnineteen hundred fifty-three.\n