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History
- Referred to local government
- 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 state aid for certain towns adversely affected by a concentration of tax exempt property
In Assembly Committee · Real Property Taxation · Sponsor Aileen Gunther
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4605
Title of bill
An act to amend the real property tax law, in relation to state aid for certain towns adversely affected by a concentration of tax exempt property
Purpose
This bill creates a new category of state aid for certain towns based on the amount of tax exempt property in their jurisdiction.
Summary of provisions
Section 1 amends the Real Property Tax Law by adding a new Section 532-a. This section provides that for a town to be eligible for a new category of state aid at least 35 percent of the real property in the town, by value, must be exempt from taxation. The funds available to assist eligible towns are allocated based on a formula. Fifty percent of the distribution is based on the town's population. The remaining 50 percent is based on the amount of tax exempt property in the town.
Justification
Real property taxes are the main way local governments are able to raise revenue and provide necessary services to the residents of their town, When a large concentration, over 35 percent by value, of the property in a town is exempt from taxation, there is a significant portion of town land for which real property taxes cannot be collected to support the services provided by the town. This significantly reduces the property tax base and limits the number of property owners that pay taxes to support the town's services. This places an increased burden on the taxpayers for support of town's services.
This bill will aid the taxpayers and the towns that have a significantly high amount of real property that is exempt from taxation by allowing the state to appropriate and distribute funds, based upon a formula, to the towns which have a significantly high amount, over 35 percent by value, of real property that is exempt from taxation.
Legislative history
New bill.
Fiscal implications
Subject to budgetary appropriation.
Effective date
This bill would take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.