Bill > S09188

This bill establishes a "blue ribbon commission on property tax reform" to examine and recommend changes to New York's property tax system and local education funding, aiming to reduce property tax burdens and explore alternative revenue sources. It also introduces measures to address "unfunded mandates," which are state-imposed requirements on local governments and school districts that result in additional costs without sufficient state funding, by setting limits on the net additional cost these mandates can create and requiring the state to fund certain programs. Additionally, the bill creates an optional system for school districts to transition to state funding for their expenses, phasing out local property taxes over time, and provides a fixed real property assessed value for residential properties owned by individuals aged 65 and older with incomes of $100,000 or less, with the state reimbursing municipalities for lost tax revenue. Finally, it mandates an audit of state departments and agencies to identify cost savings, with any saved funds to be deposited into a new "state education fund" derived from lottery revenues.

Education

https://www.nysenate.gov/legislation/bills/2025/S9188