Do you support this bill?

Assembly Bill A4981

2009-2010 Legislative Session

Includes the ratio of assessed value to market value of residential property for purposes of calculating the equalization adjustment for the STAR exemption

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

co-Sponsors

multi-Sponsors

2009-A4981 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง425, RPT L

2009-A4981 (ACTIVE) - Summary

Includes the ratio of assessed value to market value of residential property for purposes of calculating the equalization adjustment for the school tax relief (STAR) exemption.

2009-A4981 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4981

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                            February 10, 2009
                               ___________

Introduced by M. of A. BRODSKY -- Multi-Sponsored by -- M. of A. FARRELL
  -- read once and referred to the Committee on Real Property Taxation

AN  ACT to amend the real property tax law, in relation to the equaliza-
  tion adjustment  used  to  determine  the  school  tax  relief  (STAR)
  exemption

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (d) of subdivision 2 of section 425 of  the  real
property  tax law, as added by section 1 of part B of chapter 389 of the
laws of 1997, is amended to read as follows:
  (d)  Equalization adjustment.   To account for  the  variance  in  the
level  of  assessment  among  assessing  units, the figure determined in
paragraph (c) of this subdivision shall be multiplied by  an  "equaliza-
tion  factor,"  which  shall  be EQUAL TO EITHER THE GREATER OF: (I) the
appropriate state equalization rate or special equalization rate  estab-
lished by the state board, OR (II) THE RATIO OF ASSESSED VALUE TO MARKET
VALUE OF RESIDENTIAL PROPERTY IN THE ASSESSING UNIT AS DETERMINED IN THE
LATEST  MARKET VALUE SURVEY COMPLETED PURSUANT TO ARTICLE TWELVE OF THIS
CHAPTER.  Provided, that in the case of a special assessing unit,  [(i)]
the  equalization  factor  for class one in each school district portion
shall be the class equalization rate for class one in the  portion,  and
[(ii)]  the  equalization  factor  for class two in each school district
portion shall be the equalization factor for class one in  the  portion,
multiplied by the latest tax rate for class one in the portion, and then
divided  by  the  latest tax rate for class two in the portion. Provided
further, that in any instance when school district taxes are levied upon
an assessment roll which predates the latest final assessment roll,  the
equalization  factor  shall  be [the state equalization rate for] DETER-
MINED WITH RESPECT TO the assessment roll  upon  which  school  district
taxes are to be levied.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08239-02-9

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.