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NY S04652
Bill
Status
Introduced
2/10/2025
Primary Sponsor
Jacob Ashby
Click for details
AI Summary
- Enhanced STAR exemption for homes outside NYC would equal 50% of the median assessed value of all homes outside NYC, starting with the 2025-2026 school year
- Creates a real property tax freeze credit for homeowners whose taxing jurisdictions (counties, cities, towns, villages, school districts) adopt "freeze-compliant budgets" that stay within existing tax levy limits for fiscal years 2026-2028
- Requires taxing jurisdictions seeking second-year tax credits to submit state-approved "government efficiency plans" demonstrating at least 1% annual savings over three years through shared services, cooperation agreements, or mergers
- Establishes supplemental state aid payments beginning April 2026 to cities, counties, towns, and villages that comply with property tax limits, with funding equal to the difference between current aid appropriations and inflation-adjusted 2008-2009 levels
- Excludes New York City (population over one million) and counties within it from the real property tax freeze credit provisions
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 AGING
1/7/2026
Committee Referrals
Aging2/10/2025
Full Bill Text
No bill text available