Bill > S00458

This bill eliminates the property tax exemption for industrial development agency (IDA) owned real property in specific counties with a population between 1,490,000 and 1,510,000 (which likely refers to a particular county like Nassau or Suffolk County in New York). Currently, real property owned by IDAs is generally exempt from taxation, but this legislation would require that such property remain subject to taxation by fire districts, fire protection districts, and ambulance districts in the specified population range. The bill would take effect immediately and apply to assessment rolls prepared on or after the date of enactment, with a key exception that it will not affect projects for which an IDA has already authorized financial assistance through bonds, leases, or inducement resolutions prior to the law's passage. By removing the tax exemption for these specific types of districts, the bill aims to ensure that fire and emergency service districts can continue to receive tax revenue from properties developed through industrial development agencies.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S458