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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to cities
- Delivered to assembly
- Passed senateVote 58–3
- Ordered to third reading cal.1713
- Referred to rules
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the general municipal law, in relation to the exclusion of uncollectible taxes from the limitation on real estate taxes in New York city
Purpose
This legislation is designed to ensure that New York City is properly crafting a budget and tax levy that is within the constitutional restraints placed on its tax limit.
Summary of provisions
Section 1: Identifies tax exemptions and abatements that cannot be considered as "uncollectibles" for purposes of calculating the amount to be raised on real property taxes by the city of New York.
Justification
The State Constitution imposes a tax limit of 2.5% on the city of New York. In order to stay within this constitutional limit, New York City has taken a unique position that certain tax exemptions should be considered as uncollectible and therefore allowed to be considered within the allowable tax levy. Uncollectible taxes are generally reserved for properties where taxes cannot be collected one tax year in good faith, but are expected to be collected in future years. A traditional example of an uncollectible would be delinquent taxes where an owner cannot be found. A good faith attempt must be made to find this owner and there is an expectation that the taxes will be collected the following year. This scenario is easily distinguished from an exemption or abatement where the taxes are not being collected by operation of law. For example on a ten year abatement, there is no expectation that in year two the taxes will be collectible the following year. This inaccurate characterization has been identified by reports and this legislation seeks to ensure New York City is properly operating within it's constitutional tax limit.
Legislative history
New bill.
Fiscal implications
None.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.