Bill > A05149

This bill introduces comprehensive property tax reform and state funding measures for school districts in New York, focusing on several key areas. It establishes an optional state funding system for school districts where the state will gradually reimburse school districts for a percentage of their primary residential real property tax levy, starting at 20% in the first year and increasing to 100% by the fifth year, with annual cost-of-living adjustments thereafter. The bill creates protections for seniors by introducing two new tax-related benefits: a capped real property school tax rate for homeowners 65 and older, which freezes their school tax rate at the level when they turn 65, and a fixed real property assessed value for seniors with annual incomes of $100,000 or less. Additionally, the bill establishes a Blue Ribbon Commission on Property Tax Reform, composed of 11 members appointed by various state leaders, tasked with examining and recommending improvements to the property tax system, including areas like accountability, governance, assessment processes, spending controls, and potential alternative funding sources. The bill also includes provisions to prohibit unfunded mandates on school districts and municipalities, requires an extensive state audit to identify cost-saving measures, and creates a state education fund funded by lottery revenues to support these initiatives. The provisions are set to take effect on April 1, 2025, and will apply to new mandates imposed on municipal corporations and school districts.

Education

https://www.nysenate.gov/legislation/bills/2025/A5149