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NY A00959
Bill
Status
1/8/2025
Primary Sponsor
Mary Walsh
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AI Summary
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Enhanced STAR exemption for homes outside NYC will equal 50% of the median assessed value of all such homes starting in the 2025-2026 school year, replacing the previous CPI-based adjustment formula
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Creates a real property tax freeze credit for homeowners whose primary residence qualifies for STAR and is located in a taxing jurisdiction with a "freeze-compliant budget" that stays within property tax levy limits for fiscal years 2026-2028
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Requires school districts and local governments seeking freeze credits for taxpayers to certify compliance with tax levy limits and submit government efficiency plans demonstrating at least 1% annual savings over three years through shared services, cooperation agreements, and/or mergers
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Property tax cuts extend for a second year only in jurisdictions that both comply with the tax cap and have state-approved efficiency plans, with county governments or BOCES expected to facilitate regional plan submissions
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Establishes supplemental state aid beginning in fiscal year 2026-2027 for property tax cap-compliant cities, counties, towns, and villages, funded by the inflation-adjusted difference between current Aid and Incentives to Municipalities (AIM) funding and the 2008-2009 appropriation level
Legislative Description
Adjusts the school tax relief (STAR) exemption for homes located outside a city with a population greater than one million for the 2025--2026 school years and thereafter (Part A); relates to a real property tax freeze to reimburse qualifying homeowners for increases in local property taxes on their primary residences (Part B); provides for supplemental state assistance to be paid to cities, counties, towns and villages that are compliant with the property tax levy limits (Part C).
Last Action
referred to real property taxation
1/7/2026