What's happening
This bill exempts the costs of real property revaluations or reassessments from local government tax levy limits in New York.
Why it matters
This bill allows local governments to exclude the costs of property revaluations or reassessments from tax levy limits, which could encourage more regular and accurate property assessments. This may result in fairer distribution of property tax burdens, but could also lead to fluctuations in individual tax bills as property values are updated.
By removing these costs from tax cap calculations, local governments might be more willing or able to undertake necessary revaluations without needing to cut other services or seek special override votes. This could improve the accuracy of local tax rolls and public confidence in the property tax system.
Taxpayers should be aware that while this exemption could make local budgets more flexible, it may also mean that in years when a revaluation occurs, overall property tax collections could increase beyond the typical cap, even if other spending remains flat. This creates a potential for higher tax bills in revaluation years, albeit aimed at more equitable taxation.
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Property Reassessment Not in Tax Cap
Plain English, a few words. Used as the page title.
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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.
Exclude Reassessment Costs from Cap
In Senate Committee · Local Government · Sponsor Pete Harckham
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
1716
2019-2020 Regular Sessions
IN ASSEMBLY
January 16, 2019
Introduced by M. of A. ABINANTI -- read once and referred to the Committee on Real Property Taxation
AN ACT to amend the general municipal law, in relation to exempting the costs associated with real property revaluation or reassessment for the tax levy limit
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Subparagraph (iv) of paragraph (g) of subdivision 2 of section 3-c of the general municipal law, as added by section 1 of part A of chapter 97 of the laws of 2011, is amended and a new subparagraph (v) is added to read as follows:
(iv) in years in which the normal contribution rate of the New York state teachers' retirement system, as defined by paragraph a of subdivision two of section five hundred seventeen of the education law, increases by more than two percentage points from the previous year, a tax levy necessary for expenditures for the coming fiscal year for local government employer contributions to the New York state teachers' retirement system caused by growth in the normal contribution rate minus two percentage points[.];
(v) all costs associated with real property revaluations or reassessments.
§ 2. Paragraph (a) of subdivision 3 of section 3-c of the general municipal law, as added by section 1 of part A of chapter 97 of the laws of 2011, is amended to read as follows:
(a) Subject to the provisions of subdivision five of this section, beginning with the fiscal year that begins in two thousand twelve, no local government shall adopt a budget that requires a tax levy that is greater than the tax levy limit for the coming fiscal year. Provided however the tax levy limit shall not prohibit a levy necessary to support the expenditures pursuant to subparagraphs (i) through [(iv)] (v) of paragraph (g) of subdivision two of this section.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD04462-01-9
A. 1716 2
§ 3. Subdivision 5 of section 3-c of the general municipal law, as added by section 1 of part A of chapter 97 of the laws of 2011, is amended to read as follows:
5. A local government may adopt a budget that requires a tax levy that is greater than the tax levy limit for the coming fiscal year, not including any levy necessary to support the expenditures pursuant to subparagraphs (i) through [(iv)] (v) of paragraph [g] (g) of subdivision two of this section, only if the governing body of such local government first enacts, by a vote of sixty percent of the total voting power of such body, a local law to override such limit for such coming fiscal year only, or in the case of a district or fire district, a resolution, approved by a vote of sixty percent of the total voting power of such body, to override such limit for such coming fiscal year only.
§ 4. This act shall take effect immediately; provided, however, that the amendments to section 3-c of the general municipal law made by sections one, two, and three of this act shall not affect the repeal of such section and shall be deemed repealed therewith.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
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