NY A09673

Directs the Department of Taxation and Finance to establish a pilot program in up to five municipalities for implementation of land value taxation.

Requires participating municipalities to classify real estate as either land (exclusive of buildings) or buildings on land, with a higher property tax rate applied to land.

Municipalities with populations greater than 50,000 must designate a specific neighborhood or area within their jurisdiction to participate in the program if selected.

Requires the legislative body of each municipality and applicable school districts to pass a local law or resolution affirmatively authorizing their application to participate in the pilot program.

Takes effect immediately upon enactment.