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NY A02375
Bill
Status
1/16/2025
Primary Sponsor
Edward Ra
Click for details
AI Summary
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Amends the definition of "special franchise" in the real property tax law to exclude water system property owned by private water-works corporations in counties with populations of one million or more that are special assessing units
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Currently, special franchise property includes infrastructure like mains, pipes, tanks, and conduits located in public streets and rights-of-way, which is subject to special state assessment and taxation
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Requires that any tax relief realized by private water-works corporations from this exemption be used to reduce current water rates and offset future water rate increases for customers
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Takes effect immediately upon passage
Legislative Description
Exempts water system property owned by a private water-works corporation located in counties with a population of one million or more that are special assessing units from being included as special franchise property.
Last Action
referred to real property taxation
1/7/2026