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NY A00427
Bill
Status
1/5/2011
Primary Sponsor
Aileen Gunther
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AI Summary
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Allows chief executive officers of municipalities with privately owned forest lands assessed under real property tax law to apply for state assistance to offset lost tax revenue.
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Requires applications be submitted on forms prescribed by the State Board with information and documentation determined by the State Board.
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Directs the State Board to value private forest lands and equalize their cumulative value using appropriate state equalization rates.
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Authorizes state reimbursement to municipalities when the equalized value of forest lands exceeds the taxable assessed valuation from the preceding assessment roll, calculated by applying the municipal tax rate to the excess amount.
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Takes effect immediately and applies to taxes levied on assessment rolls prepared with taxable status dates on or after January 1, 2013.
Legislative Description
Authorizes a procedure whereby the chief executive officer of a municipal corporation in which there is located privately owned forest lands which are exempt from real property taxes to make application to the state for reimbursement for revenues lost as a result of such exemption.
Last Action
referred to real property taxation
1/5/2011