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Sponsors
Senator · Senate District 5
No co-sponsors yet.
History
- 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 changes in assessment for businesses that make payments in lieu of taxes
In Assembly Committee · Ways And Means · Sponsor David Buchwald
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to changes in assessment for businesses that make payments in lieu of taxes
Purpose
This bill ensures that adjustments to payments in lieu of taxes (PILOTs) based on a change of assessment do not affect school districts in the middle their fiscal year. Instead, the change of assessment will take effect once the school's fiscal year has ended.
Summary of provisions
The real property tax law is amended by adding a new section 561 to require that when PILOT property assessments are changed through the grievance process, any reduction does not take effect until the following fiscal school year.
Justification
Businesses can be enticed to areas through the development incentive know as payment in lieu of taxes (PILOTs). The program reduces property taxes for certain businesses in exchange for payments to the county, towns and/or school districts where they are located. Some PILOT agreements have provisions that allow the business to challenge property tax assessments and win a credit against future payments if found to be a valid challenge.
Successful assessment challenges potentially create a substantial reduction in revenue to a school district. Given that school budgets are largely fixed at the beginning of the school district's fiscal year, when an assessment-based PILOT is challenged, it should not impact a school district if it occurs in the middle of their fiscal year. Any reduction that is awarded through a grievance process affecting school taxes should not take effect until the following fiscal year.
Legislative history
New bill.
Fiscal implications
None.
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.