What's happening
This bill makes permanent the assessment ceilings for local public utility mass real property by removing the expiration date.
Why it matters
Provides long-term certainty for public utilities and local governments. by making the assessment ceilings for utility-owned property permanent, which removes any risk of periodic legislative expiration or changes to valuation practices.
Stabilizes tax planning for utility companies. by eliminating the sunset provision, helping them forecast property tax obligations more accurately and potentially influencing decisions about investment and infrastructure upgrades in New York.
Limits sudden increases or decreases in assessed values. for utility mass real property in the first year after the law’s enactment, helping to prevent large, unexpected shifts in local tax revenues or utility tax bills, which could otherwise impact municipal budgets and ratepayers.
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Who cares
Headline styles
Keep Utility Tax Caps
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to real property taxation
- Referred to real property taxation
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.
Make Utility Tax Limits Permanent
In Senate Committee · Local Government · Sponsor Betty Little
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
8768
2017-2018 Regular Sessions
IN ASSEMBLY
November 3, 2017
Introduced by M. of A. GALEF -- read once and referred to the Committee on Real Property Taxation
AN ACT to amend chapter 475 of the laws of 2013, amending the real property tax law relating to assessment ceilings for local public utility mass real property, in relation to making the provisions thereof permanent
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 4 of chapter 475 of the laws of 2013, amending the real property tax law relating to assessment ceilings for local public utility mass real property, is amended to read as follows:
§ 4. This act shall take effect on the first of January of the second calendar year commencing after this act shall have become a law and shall apply to assessment rolls with taxable status dates on or after such date; provided, however, that [this act shall expire and be deemed repealed four years after such effective date; and provided, further, that] no assessment of local public utility mass real property appearing on the municipal assessment roll with a taxable status date occurring in the first calendar year after this act shall have become a law shall be less than ninety percent or more than one hundred ten percent of the assessment of the same property on the date this act shall have become a law.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD13472-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.