A08313 Summary

• Part A (STAR Exemption): Changes the enhanced STAR exemption calculation for homes outside cities with populations over one million, setting it at 50% of the median assessed value of such homes starting with the 2024–2025 school year, replacing the prior Consumer Price Index adjustment method.

• Part B (Property Tax Freeze Credit): Creates a real property tax freeze credit for eligible homeowners whose primary residences are in jurisdictions with "freeze-compliant budgets" for fiscal years 2025–2027, with credit amounts based on the greater of the tax increase or a calculated levy credit factor, excluding properties affected by physical improvements, exemption reductions, or disproportionate revaluations.

• Part B (Compliance Requirements): Requires school districts and municipalities to certify compliance with property tax levy limits by the 21st day of the fiscal year and mandates government efficiency plans demonstrating at least 1% annual savings through shared services, cooperation agreements, or mergers to extend credits beyond the initial year.

• Part C (Supplemental State Aid): Provides supplemental state assistance to cities, counties, towns, and villages compliant with property tax limits, with funding equal to the difference between prior-year municipal aid appropriations and the 2008–2009 baseline adjusted for inflation.

• General Scope: Excludes properties within cities with populations exceeding one million from most benefits and takes effect immediately, though specific provisions have separate effective dates within each part.