Provides for the determination of actual valuation for the Cambridge central school district.
TITLE OF BILL: An act to provide for the determination of actual valuation for the Cambridge central school district
PURPOSE: Provides for the determination of actual valuation for the Cambridge central school district.
SUMMARY OF PROVISIONS:
Section 1- Provides for the determination of the actual valuation for the Cambridge Central School District.
Section 2- Contains the effective date.
JUSTIFICATION: The Cambridge Central School Districts actual valuation has increased by 107.4 percent since 2003. As such the school aid formula calculation for the Cambridge Central School District does not adequately reflect the district needs.
This bill will allow the formula to utilize the 2011 actual valuation rates rather than the 2010 rates.
LEGISLATIVE HISTORY: 2012 S. 7616 Referred to Education
FISCAL IMPLICATIONS: To be determined
EFFECTIVE DATE: This act shall take effect immediately
STATE OF NEW YORK ________________________________________________________________________ 1006 2013-2014 Regular Sessions IN SENATE (PREFILED) January 9, 2013 ___________Introduced by Sen. LITTLE -- read twice and ordered printed, and when printed to be committed to the Committee on Education AN ACT to provide for the determination of actual valuation for the Cambridge central school district THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Notwithstanding paragraph c of subdivision 1 of 3602 of the education law for the Cambridge school district "actual valuation" shall mean the valuation of taxable real property in a school district obtained by taking the assessed valuation of taxable real property with- in such district as it appears upon the assessment roll of the town, city, village, or county in which such property is located, for the calendar year one year prior to the calendar year in which the base year commenced, after revision as provided by law, and dividing it by the state equalization rate as determined by the state board of real proper- ty services, for the assessment roll of such town, city, village, or county completed during such preceding calendar year. The actual valu- ation of a central high school district shall be the sum of such valu- ations of its component districts. Such actual valuation shall include any actual valuation equivalent of payments in lieu of taxes determined pursuant to section 485 of the real property tax law. "Selected actual valuation" shall mean the lesser of actual valuation calculated for aid payable in the current year or the two-year average of the actual valu- ation calculated for aid payable in the current year and the actual valuation calculated for aid payable in the base year. S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD01217-01-3