Assembly Bill A10480

2011-2012 Legislative Session

Relates to wealth ratio adjustments for certain school districts containing non-profits exempt from real property taxes

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2011-A10480 (ACTIVE) - Details

Current Committee:
Assembly Education
Law Section:
Education Law
Laws Affected:
Amd §3602, Ed L
Versions Introduced in Other Legislative Sessions:
2013-2014: A1588
2015-2016: A3814
2017-2018: A6573
2019-2020: A4488

2011-A10480 (ACTIVE) - Summary

Relates to wealth ratio adjustments for school districts with higher than average assessed value holdings of real property which are exempt from taxation under the real property tax law.

2011-A10480 (ACTIVE) - Bill Text download pdf 

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

                                  10480

                          I N  A S S E M B L Y

                              May 29, 2012
                               ___________

Introduced by M. of A. TENNEY -- read once and referred to the Committee
  on Education

AN  ACT  to amend the education law, in relation to wealth ratio adjust-
  ments for school districts with higher  than  average  assessed  value
  holdings of real property exempt from taxation under the real property
  tax law

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

  Section 1. Subdivision 3 of section  3602  of  the  education  law  is
amended by adding a new paragraph a-1 to read as follows:
  A-1.  WEALTH  RATIO  ADJUSTMENT  FORMULA  FOR  SCHOOL  DISTRICTS WHICH
CONTAIN NOT-FOR-PROFIT CORPORATIONS IN EXCESS OF THE STATE AVERAGE.  (1)
AS  USED  IN  THIS  SECTION THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING
MEANINGS: "NOT-FOR-PROFIT CORPORATION" SHALL MEAN ANY ENTITY EXEMPT FROM
REAL PROPERTY TAXES UNDER THE REAL PROPERTY TAX LAW. (2) "STATE AVERAGE"
SHALL MEAN THE AVERAGE ASSESSED VALUE OF PROPERTY OWNED BY  NOT-FOR-PRO-
FIT-CORPORATIONS  THROUGHOUT THE STATE. (3) "WEALTH RATIO" SHALL INCLUDE
THE COMBINED WEALTH RATIO AND THE COMBINED WEALTH RATIO  FOR  FOUNDATION
AID  AS  DEFINED  IN  THIS  ARTICLE.  THE COMMISSIONER SHALL DEVELOP AND
IMPLEMENT AN ADJUSTMENT TO THE WEALTH RATIO FORMULA FOR SCHOOL DISTRICTS
WHICH CONTAIN NON-PROFIT CORPORATIONS IN EXCESS OF  THE  STATE  AVERAGE.
SUCH  FORMULA  SHALL ADJUST THE WEALTH RATIO DOWNWARD BY A PERCENTAGE OR
PORTION OF A PERCENTAGE, BASED UPON THE PERCENT OF  NON-TAXABLE  PROPER-
TIES   OWNED  BY  NOT-FOR-PROFIT  CORPORATIONS  LOCATED  IN  THE  SCHOOL
DISTRICT, WHICH EXCEED THE STATE AVERAGE. THE GOAL OF SUCH ADJUSTMENT IS
TO KEEP SCHOOL DISTRICTS WHOLE WHEN LOCAL INCOMES ARE STRONG, BUT  THERE
IS A CONCENTRATION OF NOT-FOR-PROFIT CORPORATIONS EXEMPT FROM REAL PROP-
ERTY TAXES UNDER THE REAL PROPERTY TAX LAW.
  S  2.  This act shall take effect on the three hundred sixty-fifth day
after it shall have become a law, provided, however that the commission-
er of education shall have the authority to promulgate any rules  neces-
sary for the implementation of this act on or before such date.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14420-01-2

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