Bill > A08400

This bill provides state financial aid to cities, towns, villages, or fire districts that have an unusually high percentage of tax-exempt property, specifically those where tax-exempt property represents more than 35% of the total property value. The state will provide financial compensation, subject to budgetary appropriation, which will be distributed in two equal parts: 50% will be allocated proportionally based on the population of eligible entities, and the remaining 50% will be distributed based on the value of tax-exempt property in each eligible entity relative to the total value of tax-exempt property across all eligible entities. This legislation aims to provide financial relief to local governments that may experience significant revenue challenges due to a large concentration of properties that do not generate property tax revenue, such as government buildings, schools, religious institutions, or non-profit organizations. The bill will take effect immediately and will apply to assessment rolls prepared on tax status dates occurring on or after the bill becomes law.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A8400