Bill > A04564

This bill establishes a new mechanism for redirecting revenue from new or increased taxes to reduce local real property taxes. Specifically, the bill creates a "Tax Reduction Utilization Security Target Fund" that will collect revenue from any tax increases or newly imposed taxes starting April 1, 2026. Each city, village, and town will receive an appropriation from this fund proportional to its full property value relative to the entire state. The amount each municipality receives must be used to directly reduce its real property tax levy, with assessors required to deduct the state payment from the local tax bill before filing the final tax warrant. The state comptroller will make these payments by June 30th of each fiscal year, using funds appropriated by the legislature. Key terms like "full value" are defined in the bill as the total taxable assessed property value divided by the state equalization rate. The bill aims to provide property tax relief by ensuring that any new or increased state taxes are directly returned to local municipalities to lower property tax burdens.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A4564