Bill > S08548

This bill proposes to modify the real property tax law by requiring nonprofit organizations that would typically be exempt from property taxes to pay 75 percent of their annual property taxes to the municipality where they are located. The purpose of this requirement is to offset the financial impact of property tax exemptions on municipal revenues. The bill includes an important exception for nonprofits that already have a Payment in Lieu of Taxes (PILOT) program or another financial agreement with their municipality designed to mitigate the revenue loss from tax exemptions. These organizations would be exempt from the new 75 percent tax payment requirement. The bill would take effect on the first day of January following its enactment and would apply to assessment rolls prepared on or after that date, meaning municipalities could start implementing this new requirement in the next tax assessment cycle after the bill becomes law.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S8548