Relates to the base proportions of approved assessing units in the county of Nassau

BILL NUMBER:S4647A

Title of bill

An act to amend the real property tax law, in relation to the base proportion in approved assessing units in Nassau county

Purpose

To allow approved assessing units under Article 19 of the Real Property Tax Law to adjust and limit the current base proportions to be determined by taxes based on such unites 2011 assessment roll.

Summary of provisions

This bill amends Section 1903 of the Real Property Tax Law by adding a new Subparagraph (xiii) to subdivision 3(a) to cap the maximum class growth rate at 1.00% in an approved assessing unit for the purposes of the 2011 tax roll, provided that the such aforementioned assessing unit has passed a local law, ordinance or resolution providing therefore.

Justification

Currently, state law provides that the current base proportions of any class in an approved assessing unit may not exceed the adjusted base proportion for that class from the prior year by more than 5%. This legislation would adjust that rule, for one year only, to cap the maximum cap growth rate at 1.00%. The change Would reduce the amount by which any class of property is allowed to grow. This legislation reduces the burden to a class of properties, a burden which would otherwise cause taxpayers in that class to see a rate increase and the result being a significant increase in class property tax. bills. This bill proposes to limit the rate of growth to 1.00% to ensure that property tax liabilities are more equitably distributed between the unit's classes of property.

Legislative history

Chapter 92 of 2004 Chapter 20 of 2005 Chapter 24 of 2006 Chapter 46 of 2007 Chapter 123 of 2008 Chapter 382 of 2009 Chapter 273 of 2010

Fiscal implications

None to the state or localities.

Effective date

This act shall take effect immediately and shall apply to the levy of taxes on the 2011 assessment roll in an approved assessing.