Bill > A05930

This bill provides for the taxation of state-owned land for all purposes, exclusive of improvements and in accordance with any payment in lieu of taxes agreement, commencing on and after January 1, 2022. Specifically, the bill gradually increases the percentage of the taxes that would be owed if the land were privately owned that the state must pay, starting at 10% in 2022 and reaching 30% in 2026 and thereafter. The amount of taxes paid will not reduce any other real property taxation payment owed to a municipal corporation, and on land with an existing payment in lieu of taxes agreement, the state will pay the greater of the amount owed under the agreement or the amount owed under the new provision.