Bill Text: NY S02101 | 2023-2024 | General Assembly | Introduced

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Bill Title: Provides that the amount of a STAR real property tax savings may not be less than the amount of the STAR real property tax savings from the previous year.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - REFERRED TO LOCAL GOVERNMENT [S02101 Detail]

Download: New_York-2023-S02101-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          2101

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 18, 2023
                                       ___________

        Introduced  by Sen. HARCKHAM -- read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government

        AN ACT to amend the real property tax law, in relation to providing that
          the amount of a STAR real property tax savings may not  be  less  than
          the  amount  of  the  STAR real property tax savings from the previous
          year

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Subparagraph  (i)  of  paragraph  (a) of subdivision 2 of
     2  section 1306-a of the real property tax law, as amended by section 1  of
     3  part  LL  of  chapter  59  of  the  laws  of 2019, is amended to read as
     4  follows:
     5    (i) The tax savings for each parcel receiving the exemption authorized
     6  by section four hundred twenty-five of this chapter shall be computed by
     7  subtracting the amount actually  levied  against  the  parcel  from  the
     8  amount  that  would  have been levied if not for the exemption, provided
     9  however, that for the two thousand eleven-two  thousand  twelve  through
    10  two  thousand  eighteen-two  thousand  nineteen  school  years,  the tax
    11  savings applicable to any "portion" (which as  used  herein  shall  mean
    12  that  part  of an assessing unit located within a school district) shall
    13  not exceed the tax savings applicable  to  that  portion  in  the  prior
    14  school  year  multiplied  by  one  hundred  two percent, with the result
    15  rounded to the nearest dollar; and provided further that beginning  with
    16  the  two  thousand  nineteen-two  thousand  twenty  school year: (A) for
    17  purposes of the exemption authorized by section four hundred twenty-five
    18  of this chapter, the tax savings applicable to any  portion  shall  [not
    19  exceed]  equal  the tax savings for the prior year, and (B) for purposes
    20  of the credit authorized by subsection (eee) of section six hundred  six
    21  of  the  tax  law,  the  tax savings applicable to any portion shall not
    22  exceed the tax savings applicable to that portion in  the  prior  school
    23  year  multiplied  by one hundred two percent, with the result rounded to

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00957-01-3
        S. 2101                             2

     1  the nearest dollar nor shall the tax savings applicable to that  portion
     2  be less than the tax savings for the prior year. The tax savings attrib-
     3  utable  to  the  basic and enhanced exemptions shall be calculated sepa-
     4  rately.  It shall be the responsibility of the commissioner to calculate
     5  tax savings limitations for purposes of this subdivision.
     6    § 2. This act shall take effect on the first of July  next  succeeding
     7  the  date  upon  which it shall have become a law and shall apply to all
     8  assessments occurring on and after such date.