Relates to computation of adjusted base proportions for tax assessment rolls.
TITLE OF BILL: An act to amend the real property tax law, in relation to adjusted base proportions for assessment rolls
PURPOSE: To enact legislation which limits the amount of a property tax shift from one class of property to another for 2014-2015, due to large fluctuations in property values between property classes for the Town of Islip, which is the only approved assessing unit in the county of Suffolk.
SUMMARY OF PROVISIONS: This bill amends subparagraph (iv) of paragraph (a) of subdivision 3 of section 103 of the real property tax law by extending for one year legislation which limits the amount of a property tax shift between classes of properties caused by large fluctuations in property values within classes.
JUSTIFICATION: In Suffolk County, there is a large differential in property tax value increases between classes of property. This in turn causes a large property tax increase in one class of property. Presently, the amount of taxes which can be shifted from one class to another is generally capped at five percent, but for the 2005-2006, 2006-2007, 2007-2008, 2008-2009, 2012-2013 and the 2013-2014 tax rolls it was capped at 1 percent to protect against large property tax shifts. This legislation will extend the authority to cap the property tax shift at one percent for the 2014-2015 assessment roll. This will create real property tax stability for another year for approved assessing units within the County of Suffolk.
LEGISLATIVE HISTORY: New Legislation
FISCAL IMPLICATIONS: There are no costs to the state or localities. This bill will allow for a more equitable distribution of real property taxes between classes of property.
EFFECTIVE DATE: This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 7269 IN SENATE May 8, 2014 ___________Introduced by Sen. ZELDIN -- 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 adjusted base proportions for assessment rolls THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subparagraph (iv) of paragraph (a) of subdivision 3 of section 1903 of the real property tax law, as amended by chapter 281 of the laws of 2013, is amended to read as follows: (iv) Notwithstanding any other provision of law, in an approved assessing unit in the county of Suffolk and for current base proportions to be determined by taxes based on such approved assessing unit's two thousand three - two thousand four, two thousand four - two thousand five and two thousand five - two thousand six assessment rolls, the current base proportion of any class shall not exceed the adjusted base proportion or adjusted proportion, whichever is appropriate, of the immediately preceding year by more than two percent, or in the case of the two thousand five--two thousand six, two thousand six--two thousand seven, two thousand seven--two thousand eight, two thousand eight--two thousand nine, two thousand twelve--two thousand thirteen,
[and]two thousand thirteen--two thousand fourteen, AND TWO THOUSAND FOURTEEN--TWO THOUSAND FIFTEEN assessment rolls, one percent. Where the computation of current base proportions would otherwise produce such result, the current base proportion of such class or classes shall be limited to such two percent or one percent increase whichever is applicable, and the legislative body of such approved assessing unit shall alter the current base proportion of either class so that the sum of the current base proportions equals one. S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD14894-01-4