Bill > S08489

This bill establishes a real property tax freeze credit for eligible taxpayers in certain New York school districts and local jurisdictions over three fiscal years (2026-2028). The credit is designed to provide tax relief for homeowners whose primary residences are located in jurisdictions that maintain a "freeze-compliant budget" - meaning they adhere to specific tax levy limits. Taxpayers must qualify for the School Tax Relief (STAR) exemption or credit to be eligible. The credit amount is calculated by comparing property tax increases between consecutive fiscal years, with complex formulas that consider factors like levy growth and budget compliance. For each eligible year, the tax commissioner will automatically determine and advance the credit payment, which can offset tax liability or be refunded. The credit does not apply to properties in cities with populations over one million, and certain adjustments are made for unique property types like cooperative apartments and mobile homes. The bill aims to incentivize local governments to control tax increases while providing direct financial relief to homeowners.

https://www.nysenate.gov/legislation/bills/2025/S8489