NY S01045

Amends General Municipal Law Section 3-c to require the Commissioner of Taxation and Finance to include changes in assessed value for properties under payment in lieu of tax (PILOT) agreements when calculating the quantity change factor for local governments.

Amends Education Law Section 2023-a to require the same PILOT agreement assessed value changes be included in quantity change factor calculations for school districts.

Removes authority for the Commissioner to promulgate rules adjusting quantity change factor calculations based on development on tax-exempt land.

Takes effect 120 days after enactment, with authorization for implementing rules and regulations to be completed by the effective date.