Authorizes state reimbursement to municipal corporations for tax revenue lost and expenses incurred as a result of the reduced assessment of forest land

BILL NUMBER:S1491A

Title of bill

An act to amend the real property tax law, in relation to the assessment of private forest lands and to provide state assistance to municipal corporations relating thereto

Purpose

This bill will provide for full state reimbursement to local taxing jurisdictions for any tax revenue losses brought about by certain forest land exemptions.

Summary of provisions

Provides that the chief executive officer of a municipal corporation may apply for State aid if the cumulative value of forest lands under sections 480 and 480-a of the real property tax law is less than its fully equalized value were section 480 and 480-a not applicable.

Existing law

Sections 480 and 480-a of the real property tax law provide for a significant reduction in the amount of taxes paid on forested lands. The law does not, however, provide for full state reimbursement to local taxing jurisdictions as a result of forest land tax exemptions.

Justification

Sections 480 and 480-a of the real property tax law grant exemptions to certain forest land which decreases the tax base of many towns and counties in southern New York State, Since the presence of forest lands benefit the state as a whole, it is only fair and equitable that any losses of real property revenues incurred by the local taxing jurisdiction, be reimbursed by the state as a whole.

Legislative history

2011: S.1491 Referred to Local Government 2009/10: S.690 Referred to Local Government 2007/08: S.1056-B Local Government

Fiscal implications

To be determined.

Effective date

This act shall take effect immediately and shall apply to taxes levied upon assessment rolls prepared on the basis of taxable status occurring on or after January 2014.