Bill > A07647

This bill directs the 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 real property on a municipality's economic viability. The study will examine the percentage of tax-exempt real property in each county, with a specific focus on counties in the top 20% of tax-exempt property. The research will investigate how tax-exempt properties affect various aspects of county life, including housing markets, small business growth, job creation, population changes, number of not-for-profit organizations, and park land percentage. The board is required to propose potential revisions to property tax policies that could reduce tax burdens and develop strategies for more equitable property tax distribution. Within one year of the act's effective date, the board must submit a report with its findings and recommendations to the governor, senate president, and assembly speaker. The act will automatically expire two years after its effective date or upon delivery of the report, whichever comes first, ensuring a time-limited but thorough examination of this complex tax issue.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7647