NY S03455

Increases minimum population requirement for village incorporation from 5,000 to 10,000 residents in suburban towns with 75,000+ population, or from 2,500 to 2,500 for all other towns, based on the most recent decennial census.

Eliminates the alternative petition method allowing property owners with 50% assessed valuation to petition for incorporation; requires petitions be signed by at least 20% of residents qualified to vote for town officers.

Requires petitions to include a comprehensive financial impact statement with proposed operating and capital budgets, service descriptions, and estimated property tax impacts for five years on both the incorporated territory and remaining town areas.

Creates new State Comptroller review process requiring submission of the financial impact statement within ten days of a decision sustaining the petition, with the Comptroller issuing a review letter within 60 days.

Establishes incorporation election must be held no later than 40 days after the State Comptroller files the review letter with the town clerk, and provides for absentee ballots for eligible residents.