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NY S02774
Bill
Status
6/5/2024
Primary Sponsor
James Skoufis
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AI Summary
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Authorizes taxation of possessory interests (leases, contracts, options) held by private lessees or contractors using federal or state-owned property, except those operated as public concessions at airports, parks, markets, fairgrounds, roads, piers, marinas, railroads, buslines, or subways.
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Requires municipal governments to adopt a local law, ordinance, or resolution after public hearing to impose taxes on these possessory interests, with exemptions for entities already making payments in lieu of taxes equal to owed property taxes.
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Provides a four-year phase-in period for existing possessory interests at the time of local adoption, exempting 80%, 60%, 40%, and 20% of assessed value in years one through four respectively, unless the underlying lease is renegotiated or renewed during this period.
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Exempts possessory interests on military land from school property taxation if the school district receives federal Impact Aid funds under 30 CFR Part 222.
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Excludes businesses with fewer than 25 employees from taxation under this provision and establishes that taxes constitute personal debt owed to municipalities, not a lien against the underlying federal or state property.
Legislative Description
Subjects to taxation the possessory interest of a private individual or corporation which uses real property owned by the United States or the state, except for real property owned by public authorities, for business purposes; excludes private property where the use is for a concession available to the general public located on property, such as parks, available for the use of the general public.
Last Action
referred to real property taxation
6/5/2024