Bill > S00265

This bill directs the New York State Board of Real Property Tax Services to conduct a comprehensive study on "real property tax saturation," which is defined as the impact of high percentages of tax-exempt properties on a municipality's economic health. The study will require the board to analyze the percentage of tax-exempt real property in each county, with a specific focus on the top 20% of counties with the highest rates of exempt property. The research will examine various economic indicators over a five-year period, including housing market trends, small business growth, job creation, population changes, the number of non-profit organizations, park land percentages, and other relevant factors. Additionally, the board must explore potential revisions to property tax policies that could reduce tax burdens and promote more equitable taxation. The board is required to submit a detailed report with findings and legislative recommendations to the governor, senate president, and assembly speaker within one year of the act's effective date. The bill is temporary, set to expire two years after its enactment or upon delivery of the report, whichever comes first, and is designed to provide insights into the economic challenges created by extensive property tax exemptions.

Budget and Finance, Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S265