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Sponsors
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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 the computation of homestead and non-homestead base proportions in the county of Nassau
In Assembly Committee · Real Property Taxation · Sponsor Michelle Schimel
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5679
Title of bill
An act to amend the real property tax law, in relation to the computation of homestead and non-homestead base proportions in the county of Nassau
Purpose
This bill would address the issue of not-for-profit ownership of commercial properties affecting the base proportion calculations under the Homestead Act.
Summary of provisions
Section 1 amends subdivision 3 of by adding a new paragraph (i) to read as follows: In the County of Nassau, for the purpose of computing any class's total value or assessment, any property which is tax exempt because of that property's ownership or leasehold will be included in the calculation of the Homestead and non-Homestead base proportions as if it were taxable, for the sole purpose of calculating such base proportions. The inclusion of such properties for this purpose shall not be construed as affected the taxable status of such properties.
Section 2 sets the effective date.
Justification
Each year, the assessor does a calculation of the aggregate taxable commercial values and aggregate taxable residential values. When a commercial property becomes tax exempt, it is removed from the commercial base proportion and thus increases the residential base proportion resulting in an increased tax burden on residents. This legislation would correct that and would only be for the purpose of calculating the total value or assessment of such tax exempt properties and not affect the taxable status of such properties.
Legislative history
This is a new bill.
Fiscal implications
None to the state.
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.