Bill > A01291

This bill amends the Real Property Tax Law to provide for the taxation of state-owned land for all purposes, exclusive of improvements and in accordance with any payment in lieu of taxes agreement. Beginning in 2024, state-owned land will be subject to taxation at a gradually increasing percentage of the taxes that would be owed if the land were privately owned, starting at 10% in 2024 and reaching 30% in 2028 and thereafter. The amount of taxes paid will not reduce any real property taxation payment owed to a municipal corporation under other provisions of law, and on land with a payment in lieu of taxes agreement, the state will pay the greater of the amount owed under the agreement or the amount owed under this law.