NY S08025

Repeals sections 2, 3, 4, and 5 of chapter 330 of the laws of 2011 relating to payments for school, fire, fire protection, and ambulance districts from the Peconic Bay community preservation fund.

Allows towns to make annual payments from their community preservation fund to school, fire, fire protection, and ambulance districts to mitigate lost tax revenues from lands acquired by federal, state, or local government for community preservation, provided the town board determines such loss creates extraordinary financial hardship.

Limits payments to lands wholly exempt from real property taxation that were acquired by government entities for community preservation purposes, with eligible parcels assessed annually by the commissioner of taxation and finance.

Caps annual payments at no more than 10 percent of collected community preservation fund revenue, with payments apportioned proportionally among districts if total appropriation is insufficient; towns may reduce this percentage below 10 percent by voter election.

Requires towns to adopt an annual plan before making payments, specifying each eligible parcel, payment amounts for the current and following fiscal years, and assessed values, subject to public hearing and town board approval; sections 2-5 expire December 31, 2050.