Bill > A00959

This bill introduces a comprehensive package of property tax-related reforms with three main components. Part A adjusts the School Tax Relief (STAR) exemption for homes located outside cities with populations over one million, modifying how the exemption is calculated for the 2025-2026 school year and thereafter, specifically reducing the enhanced STAR exemption to 50% of the median assessed value for homes in these areas. Part B establishes a real property tax freeze credit that provides tax relief to homeowners in local jurisdictions that comply with property tax levy limits, with eligibility tied to maintaining a "freeze-compliant budget" for fiscal years 2026-2028. The credit amount depends on the increase in property taxes or the jurisdiction's levy credit factor, and applies to various local government units except for cities with populations over one million. Part C creates a supplemental state assistance program that provides additional state aid to cities, counties, towns, and villages that comply with property tax limits, with the funding pool calculated based on the difference between current and historical municipal aid appropriations, adjusted for inflation. The bill aims to incentivize local governments to control property tax increases while providing financial relief to homeowners.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A959