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NY A00275
Bill
Status
1/6/2021
Primary Sponsor
Kenneth Zebrowski
Click for details
AI Summary
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Modifies the STAR (School Tax Relief) exemption formula for real property tax law to require that tax savings cannot decrease from year to year, beginning with the 2019-2020 school year.
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Changes the calculation method from "not exceed" to "equal" the prior year's tax savings for STAR exemptions under section 425 of the real property tax law.
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Adds a floor provision stating tax savings applicable to any portion shall not be less than the prior year's tax savings, while maintaining a ceiling of 102% increase.
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Applies the new calculation method separately to basic and enhanced STAR exemptions.
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Takes effect July 1st following enactment and applies to all assessments occurring on and after that date.
Legislative Description
Provides that the amount of a STAR real property tax savings may not be less than the amount of the STAR real property tax savings from the previous year.
Last Action
referred to real property taxation
1/5/2022