Senate Passes Legislation To Reduce Level Of Homeowners Mirant-related Property Taxes
Senator Thomas P. Morahan announced New York State Senate passage of his legislation (S. 2445) which would reduce the level of tax burden facing North Rockland homeowners impacted by the Mirant tax case.
"This legislation will provide for a transition of this shift in burden to the homeowners, and thereby help to lessen the immediate financial impact of the Mirant proceedings," said Senator Morahan.
Court-ordered judgements in the Mirant tax case have resulted in a dramatic decrease in the tax revenue derived from the Bowline and Lovett plants. The resulting deficit in revenue must be made up by the taxpayers who reside in the North Rockland School District. Under existing law homeowners would bear not only their existing share of this increased tax burden, but would see a dramatic increase in their share of this burden within a short period of time.
SUMMARY OF PROVISIONS:
Section 1 amends chapter 425 of the laws of 2006 to adjust the allowable proportionate share between homestead and non·homestead of the aggregate tax.
Section 2 provides for an immediate effective date that shall be deemed to have been in full force and effect on the same date as chapter 425 of the laws of 2006.