NY A04303

Amends Real Property Tax Law by adding section 532-a to establish state aid for municipalities with tax-exempt property exceeding 35 percent of total property value by value.

State payment distribution: 50 percent allocated proportionally based on each eligible municipality's population relative to all eligible entities.

Remaining 50 percent of state payment allocated based on the value of tax-exempt property in each eligible municipality as a percentage of total tax-exempt property value across all eligible entities.

Takes effect immediately and applies to assessment rolls prepared on taxable status dates occurring on or after the date the act becomes law.

Subject to budgetary appropriation for state payments.