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History
- Referred to local government
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the optional prepayment of property taxes in monthly payments
In Assembly Committee · Real Property Taxation · Sponsor David McDonough
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to providing an optional prepayment of property taxes in monthly payments
Purpose or general idea of bill
To provide local municipalities the option to collect property taxes on a ten-month schedule in addition to the current semi-annual schedule.
Summary of specific provisions
Section 1 adds new section 510-b to the real property tax law. This section authorizes the legislative bodies of towns, counties, or cities, to provide by resolution, the option for property taxpayers to pay their taxes on a ten-month schedule. The schedule is as follows: for each month of the nine-month period beginning in June of the year the property tax bill is prepared, the property taxpayer will pay ten percent of their previous year's property tax bill to the appropriate municipality. In March, the tenth month of the ten-month schedule, the property taxpayer will pay the balance of the tax bill resulting from the current year's tax bill minus the nine payments of ten percent of the previous year's tax bill.
Section 2 contains the legislation's effective date.
Justification
Property taxes in New York are among the highest in the nation, both in terms real dollars and percentage of family income. Many individuals and families find it difficult to budget for tax bills that approach four and five thousand dollars, due every six months.
In order to alleviate this burden, residents should be provided the option to pay their tax bills in smaller, but more numerous, installments. This will help families budget appropriately to ensure their tax bills are paid in-full and on-time.
The ancillary benefit is that municipalities that choose to enact this optional program will experience a more stable cash flow. With taxes being paid on a ten-month cycle, the municipalities will have more cash on hand throughout the year, instead of waiting for large lump sums semi-annually.
Prior legislative history
New bill.
Fiscal implications
None.
Effective date
This act shall take effect on the second of January next succeeding the date on which it shall have become a law and apply to assessment rolls based upon taxable status dates occurring on or after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.