Bill > A08605

This bill authorizes the commissioner of taxation and finance to establish "segment special equalization rates" for specific portions of the Amityville Union Free School District and Farmingdale Union Free School District that fall within the towns of Babylon and Oyster Bay, starting in fiscal year 2026. An equalization rate is a figure used to determine the fair market value of taxable property within a municipality for tax purposes, and a "segment special equalization rate" would apply to a specific part of a school district that spans across different towns or counties. This new provision will only be used if the change in tax burden for at least one segment is at least two percent compared to what it would be using the standard equalization rate, and these special rates will be used solely for dividing school taxes among these segments. Additionally, the bill amends existing law to allow any taxing jurisdiction within a split jurisdiction that crosses county lines to initiate proceedings for a revised state equalization rate, and if a revised rate is ordered, affected entities must recalculate taxes and provide credits or debits to their constituent municipalities.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A8605