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NY A06050
Bill
Status
3/5/2021
Primary Sponsor
Gina Sillitti
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AI Summary
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Creates Article 3-A of the Real Property Tax Law governing payment in lieu of taxes (PILOT) agreements between local governments and other parties.
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Defines PILOT agreements as compensation arrangements where a party pays a local government for tax revenue lost due to the nature of property use or ownership, with payment amounts based on property assessment.
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Requires reductions in PILOT payments resulting from property reassessment to be phased in over a 10-year period if the reduction would decrease any local government's total revenue by more than 5%.
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Applies to all municipal corporations, school districts, and boards of cooperative educational services as defined in General Municipal Law.
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Takes effect immediately upon enactment.
Legislative Description
Relates to reductions of payments in lieu of taxes; provides that where such payment agreement is to be reduced due to a reassessment of the parcel of real property such agreement is related to, such reduction shall be phased in over 10 years if the reduction would negatively affect the revenues of a local government by more than 5%.
Last Action
referred to real property taxation
1/5/2022