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NY S01131
Bill
Status
1/8/2025
Primary Sponsor
Rachel May
Click for details
AI Summary
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Directs the Department of Taxation and Finance to establish a pilot program allowing up to five municipalities to implement land value taxation
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Requires participating municipalities to classify real estate into two categories: land (exclusive of buildings) and buildings on land, with different tax rates for each class
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Mandates that the higher property tax rate apply to land rather than buildings
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Allows municipalities with populations over 50,000 to designate a specific neighborhood or area for participation rather than the entire municipality
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Requires municipal legislative bodies to pass a local law (or school districts to pass a resolution) to authorize participation in the pilot program
Legislative Description
Authorizes municipalities to develop and implement a plan for local land value taxation based on classes of land; allows real estate to be classified as land or land exclusive of buildings and buildings on land.
Last Action
PRINT NUMBER 1131B
1/27/2026