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NY S07871
Bill
Status
1/3/2024
Primary Sponsor
Rachel May
Click for details
AI Summary
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Department of Taxation and Finance shall establish a pilot program in up to five municipalities for implementation of land value taxation.
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Participating municipalities must classify real estate as either land/land exclusive of buildings or buildings on land, with a higher local property tax rate applied to land.
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Department shall create an application procedure and selection criteria; municipalities with populations over 50,000 must designate a specific neighborhood or area to participate if selected.
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Municipal legislative bodies must pass a local law and school districts must pass a resolution affirmatively authorizing participation in the pilot program.
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The act takes effect immediately upon enactment.
Legislative Description
Directs the department of taxation and finance to establish a pilot program for implementation of local land value taxation based on classes of land; directs the department of taxation and finance to establish an application procedure for the pilot program.
Last Action
PRINT NUMBER 7871A
5/14/2024