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Who cares
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Sponsors
Senator · Senate District 5
No co-sponsors yet.
History
- Referred to local government
- Referred to local government
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5622
Title of bill
An act to amend the real property tax law, in relation to the allocation of certain real property taxes; and providing for the repeal of such provisions upon expiration thereof
Purpose
This legislation would protect the North Shore School District and its community from the negative financial impact of the sudden decrease in tax revenue as a result of the demolition of the Glenwood Landing Power Plant.
Summary of provisions
Amends paragraph (a) of subdivision 2 of Section 1803, subdivision 5 of 1803-a, subdivision 4 of section 1803-b and subdivision 5 of section 1805 of the real property tax law to exempt property that "is or was formerly used as a utility property where such portion of property was demolished during the period upon which the two thousand fifteen - two thousand sixteen assessment roll is based."
Justification
New York State Real Property Tax Law provides that in "special" and "approved" assessing units, class tax rates must be established in accordance with a statutory formula.. Under this formula the current base proportion of any class may not exceed the adjusted base proportion for that class from the prior year by more than 5%. This 5% cap on an annual basis for a number of jurisdictions, including Nassau County, has been reduced to a 1% cap repeatedly by special legislation.
Under current law, the 1% shift protection, does not apply in cases of properties fully or partially removed from the roll due to "fire, demolition or destruction". This bill would insure this 1% shift protection would apply in cases of property formally used as a utility property that has been demolished.
Without this legislation, the North Shore School District and its' taxpayers would face a dramatic shift in real property taxes due to the decommissioning and demolition of the Glenwood Landing Power Plant.
Legislative history
New bill.
Fiscal implications
None.
Effective date
This act shall take effect immediately and shall expire and be deemed repealed December 31, 2015.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.