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Assembly Bill A8040

2009-2010 Legislative Session

Relates to implementing a sales tax factor when calculating the amount of exemption for school tax purposes

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Archive: Last Bill Status - In Assembly Committee

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2009-A8040 (ACTIVE) - Details

See Senate Version of this Bill:
S3100
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง425, RPT L

2009-A8040 (ACTIVE) - Summary

Relates to implementing a sales tax factor when calculating the amount of exemption for school tax purposes.

2009-A8040 (ACTIVE) - Bill Text download pdf 

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

                                  8040

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                               May 1, 2009
                               ___________

Introduced  by  M. of A. SCHIMMINGER, SCHROEDER, GABRYSZAK, KOON, GALEF,
  PAULIN, BRADLEY -- read once and referred to  the  Committee  on  Real
  Property Taxation

AN  ACT  to  amend the real property tax law, in relation to a sales tax
  factor applicable to STAR exemptions

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

  Section  1.  Paragraph (a) of subdivision 2 of section 425 of the real
property tax law, as amended by section 1 of part E of chapter 83 of the
laws of 2002, is amended to read as follows:
  (a) Overview. There shall be two variations of the  exemption  author-
ized  by  this  section:  an exemption for property owned by persons who
satisfy the criteria set forth in subdivision  three  of  this  section,
which shall be known as the "basic" STAR exemption, and an exemption for
property  owned by senior citizens who satisfy the criteria set forth in
both subdivisions three and four of this section, which shall  be  known
as  the  "enhanced" STAR exemption. The exempt amount for each assessing
unit shall be determined annually as set forth in this  subdivision,  by
multiplying  the  "base  figure"  by the locally-applicable "sales price
differential factor," if any, multiplying the product by the appropriate
"equalization factor" for the assessing unit, ADDING ON  THE  APPLICABLE
SALES  TAX  FACTOR,  IF ANY, and, if necessary, increasing the result to
equal the applicable "floor." The result is then rounded to the  nearest
multiple of ten dollars.
  S  2.  Subdivision  2  of  section 425 of the real property tax law is
amended by adding a new paragraph (d-1) to read as follows:
  (D-1) SALES TAX  ADJUSTMENT.  FOR  ANY  COUNTY  IN  WHICH  THE  SCHOOL
DISTRICT  RECEIVES  A  PORTION  OF  THE REVENUE GENERATED FROM SALES TAX
WITHIN THE COUNTY, A "SALES TAX FACTOR" SHALL BE  ADDED  TO  THE  AMOUNT
DETERMINED  IN  PARAGRAPH  (D) OF THIS SUBDIVISION. THE APPLICABLE SALES
TAX FACTOR FOR EACH COUNTY SHALL BE DETERMINED BY TAKING THE TOTAL SALES

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10145-01-9

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