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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.
Exempts costs associated with revaluations or reassessments from the tax levy limit on real property
In Assembly Committee · Real Property Taxation · Sponsor Thomas Abinanti
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S2607
Title of bill
An act to amend the general municipal law, in relation to exempting the costs associated with real property revaluation or reassessment for the tax levy limit
Purpose or general idea of bill
This bill exempts from the tax levy limit imposed on local governments all costs associated with real property revaluations or reassessments.
Summary of specific provisions
This bill amends Section 3-c(2)(g)(iv) of the general municipal law, as added by section 1 of part A of chapter 97 of the laws of 2011, by adding a new subparagraph (v) which provides that the tax levy limit shall not include the costs associated with real property revaluations or reassessments.
Justification
This bill is designed to encourage and assist local governments to update their real property assessments.
Because properties have appreciated/depreciated differently over time, real property assessments in numerous municipalities have become outdated and unfair. Reassessment ensures that property owners pay their fair share of the tax burden. It does not raise more tax dollars.
Municipalities have been reluctant to reassess - especially because of the high costs of reassessment. The recently enacted "tax cap" is further discouraging local governments from undertaking necessary reassessment of real property since the costs of reassessment are currently included in a local government's allowable tax levy limit.
This bill would allow local governments to exclude the costs of conducing reassessments of real property from the allowable tax levy cap.
Existing law
Current law does not address this issue.
Prior legislative history
2012: A.10466 referred to real property taxation 2013-14 - S.7082 LATIMER; REFERRED TO LOCAL GOVERNMENT: 2013-14 - A.1235 Abinanti; referred to real property taxation
Fiscal implications
None
Effective date
Immediately. However, this act does not affect the repeal of general municipal law section 3-c as currently set forth there in.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.