NY S04806

Amends real property tax law to restrict tax exemptions for property owned or controlled by industrial development agencies in counties with populations between 1,490,000 and 1,510,000 (based on latest federal decennial census).

Property in qualifying counties remains subject to taxation by fire districts, fire protection districts, and ambulance districts, eliminating the standard exemption for these entities.

Takes effect immediately and applies to assessment rolls prepared on or after the effective date.

Does not apply retroactively to projects where an agency has already authorized assistance through bond issuance, lease execution, or passage of an inducement or bond resolution prior to the law's effective date.