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NY S01635

Bill

Official Source

Status

Introduced

1/13/2025

Primary Sponsor

George Borrello

Click for details

Origin

Senate

2025-2026 General Assembly

AI Summary

  • Changes the base year for calculating property tax levy limits from the single prior fiscal year to the highest levy amount from the prior five fiscal years
  • Applies to both local governments (general municipal law) and school districts (education law)
  • Allows municipalities and school districts to use a higher baseline when calculating their allowable tax levy, potentially permitting larger tax increases under the existing cap formula
  • Takes effect immediately upon passage

Legislative Description

Relates to the formula for the real property tax cap.

Last Action

REFERRED TO LOCAL GOVERNMENT

1/7/2026

Committee Referrals

Local Government1/13/2025

Full Bill Text

No bill text available