senate Bill S6874A

2013-2014 Legislative Session

Relates to establishing equalization rates for Greenburgh Central School District

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Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 04, 2014 print number 6874a
amend and recommit to local government
Mar 24, 2014 referred to local government

Bill Amendments

Original
A (Active)
Original
A (Active)

S6874 - Bill Details

See Assembly Version of this Bill:
A8893B
Current Committee:
Law Section:
Real Property Tax Law
Laws Affected:
Amd §1230, RPT L

S6874 - Bill Texts

view summary

Relates to establishing equalization rates for Greenburgh Central School District.

view sponsor memo
BILL NUMBER:S6874

TITLE OF BILL: An act to amend the real property tax law, in relation
to establishing equalization rates for Greenburgh central school
district

PURPOSE OR GENERAL IDEA OF BILL:

To establish a special equalization rate for the Greenburgh central
school district commencing in the 2014-2015 school year.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 of the bill amends real property tax law section 1230
subdivision 3, as amended by section 54 part A1 of chapter 58 of the
laws of 2006, by adding Greenburgh central school district to the list
of school districts for which special equalization rates have been
established.

Section 2 provides formulas for calculating aid apportioned to
Greenburgh central school district for any project for which aid is
first apportioned pursuant to subdivision 6 of section 3602 of the
education law on or after July 1, 2014; for calculating the selected
building aid ratio equivalent which shall not be less than zero; and
for calculating the equivalent pupils of the school district.

This section also provides that the office of real property services
shall determine such equivalent actual valuation and it shall be final
and not subject to change on or after July first, two thousand
fifteen.

Section 3 defines the effective date as immediately and applies this
act to the 2014-2015 school year.

JUSTIFICATION:

Greenburgh Central School District (the Greenburgh School District)
lies within the unincorporated Town of Greenburgh. For purposes of
computing Greenburgh School District's state aid to education, the
assessing unit is the Town of Greenburgh and includes the
unincorporated areas of Greenburgh, including Edgemont, a community
with far greater property value and income than the Greenburgh School
District. School-aged children residing in Edgemont attend the
Edgemont Union Free School District (Edgemont School District).

This legislation amends existing law to establish a special
equalization rate for the Greenburgh School District for the purpose
of determining actual valuation to calculate its operating and
building aid.

Under current law education state aid is determined through the use of
equalization rates. A State Equalization Rate is the percentage of
full value at which taxable real property in a county, city, town or
village is assessed as determined by the State Board of Equalization
and Assessment. This determination assumes assessment at a uniform
percentage of value. Value is computed by dividing the assessed value


of taxable real property within a district by the State Equalization
Rate.

Since the equalization rate used in the state aid formula is based on
the actual valuation of the entire unincorporated Town of Greenburgh
including the much wealthier community of Edgemont, the full value of
the property in the Greenburgh School District is overstated thereby
reducing the amount of education aid received by the district.

This legislation is intended to correct this inequitable situation by
calculating the equalization rate based on the total assessed value of
property in the Greenburgh School District only.

In addition to differing property wealth there are many additional
reasons that justify a special equalization rate for the Greenburgh
School District. Income wealth and socio/ethnic diversity in the
Greenburgh School District also differ greatly from the Edgemont
School District.

Based on home property values and income, the Edgemont School District
is one of the wealthiest communities in New York State. According to
multiple Listing Service statistics, the median residential sale price
for the year 2013 was $968,750 in Edgemont compared to $433,000 in the
Greenburgh School District. The median home price in Edgemont is more
than twice the median home price in the Greenburgh School District.
Moreover, the median residential sale price for the year 2013 in
Westchester County was $610,000 which is substantially higher than the
median sale price of a home in the Greenburgh School District but
substantially lower than a home in the Edgemont School District.

Edgemont's median family income ($176,493) is more than twice that of
the Greenburgh Central School's median family income ($87,660).
Edgemont's per capital income ($71,287) is almost twice that of the
Greenburgh School District's ($37,797).

An even greater indicator of the differences between the two
communities is reflected in the percentage of students who receive
free/reduced lunch. 51% of Greenburgh School District's students
receive a free/reduced lunch; Edgemont has 0% students receiving a
free/reduced lunch. In addition, Greenburgh School District's black
and Hispanic population is 78%; Edgemont School District's black and
Hispanic population is 5%.

Utilizing an equalization rate based on the combined assessed value of
the Unincorporated Town of Greenburgh is unfair in its treatment of
the Greenburgh School District. The Greenburgh School District, the
poorer district, is penalized by incorporating the wealthier community
of the Edgemont School District's total assessed value into the
Unincorporated Town of Greenburgh's calculation. This method makes the
Greenburgh School District appear wealthier than is actually the case,
thereby lowering its fair share of state aid.

A comparison between The Greenburgh School District and a similar
school district, Tarrytown, confirms the current inequity.
Tarrytown's building aid ratio was 25% from 1996-2001 and 32% from
2001 to the present whereas the Greenburgh School District's has
remained steady at 4.8%.


Moreover, a comparison between the Greenburgh School District and
other wealthy school districts in Westchester County further
exemplifies the inequity of the building state aid received by the
Greenburgh School District. The Scarsdale Union Free School District's
building aid is 9.5%; Bronxville Union Free School District's building
aid is 10.1%; and Chappaqua Central School District's building aid is
23.6%

Precedent for the establishment of special equalization rates for
school districts in similar circumstances as the Greenburgh School
District is firmly established in the law.

In 1983, the then Governor signed into law legislation to require the
State Board of Equalization and Assessment to establish special
equalization rates for the Hempstead and Freeport Union Free School
Districts. The rationale for these special laws was that a "special"
rate should be established for education aid purposes because the
areas encompassed by these school districts were assessed at a higher
ratio of assessed value to market value than the Town of Hempstead as
a whole causing a hardship to these school districts (identical to the
Greenburgh School District situation).

In 1984, Governor Mario Cuomo vetoed special equalization rate bills
for four school districts (Lindenhurst, Amityville, Patchogue-Medford
and Babylon) based upon his objection to a "case-by-case" approach to
this issue and directed the State Board to develop recommendations to
address this issue in a "comprehensive, statewide manner that will
make similar local bills unnecessary."

In 1986, chapter 660 of the Laws of New York State was enacted
establishing a task force to examine the impact of the use of state
equalization rates in the distribution of state aid to education. The
school districts surveyed included 53 districts in Nassau, all or part
of 57 districts in six towns in Suffolk, two districts in Erie and one
district in Albany County. Notably, no Westchester County school
district was included in this study. This task force recommended that
"segment equalization" rates not be established for school districts
because most school districts would not be affected. Accordingly, the
State could not justify the cost of establishing rates for every
district. The only recourse available for school districts that were
not properly assessed was to enact legislation that would authorize
the State Board to establish a special "segment" equalization rate.
Thus, in 1989 the Legislature passed and Governor Mario Cuomo signed a
law establishing a Special Equalization Rata for each of six school
districts in Nassau and Suffolk Counties: Uniondale, Westbury,
Central Islip, Brentwood, Wyandanch and Amityville. Significantly,
this legislation established special "segment" equalization rates for
Suffolk County districts despite the fact that there was insufficient
data regarding actual valuation for these school districts. More
recently, in 2006 the Legislature passed and the then Governor signed
a law establishing a Special Equalization Rate for the Tuckahoe School
District in Westchester County due to the fact that its state aid was
unfairly impacted by the wealth of the Village of Bronxville.

The Greenburgh School District is currently iii the same situation as
were these Suffolk County districts and the Tuckahoe School District,
over-valued and losing critical state aid dollars. The only way for


the Greenburgh School District to receive its fair share of state aid
is to amend the current law to include the Greenburgh School District
among those districts already provided a special equalization rate.
As set forth above, precedent for this legislation is well
established.

Receiving its fair share of building aid is a critical issue for the
Greenburgh School District at this time. To address growing
enrollment, the increase in mandated courses, implementation of the
Common Core, and the need to update its aging facilities, Greenburgh
is proposing a major construction project that will consolidate all of
the Greenburgh School District's educational programs on a single
campus.

To accomplish this vision, the District would sell two schools, expand
the school already on the 100 acre campus for pre-kindergarten through
second grade; construct a new facility to serve children in grades
three through eight; and renovate the high school which serves
students in ninth through 12th grades.

In 2008, a state audit of the current six buildings in the District
showed that it would cost, at that time, approximately fifty million
dollars to bring them up to code. The projected cost to consolidate
all six locations on one campus is one hundred million dollars. It is
estimated that the sale of the two school properties in the District
will range between $2.5 and $5 million and that the consolidation of
the District on one campus will save money by eliminating some
administrative positions and cutting transportation costs. Moreover,
the new facilities would be technologically up to date and incorporate
the latest energy-saving materials.

The construction of these new and improved facilities is critical to
the continued academic success of the Greenburgh School District. An
increase in building aid will improve the likelihood of getting voter
support for the bond referendum needed for this project.

This legislation will allow the Greenburgh School District to utilize
a special equalization rate to calculate its select aid ratio and help
rectify a long existing inequity in state aid received by the
District.

LEGISLATIVE HISTORY:

New bill.

FISCAL IMPLICATIONS:

To be determined.

EFFECTIVE DATE:

This act shall take effect immediately.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6874

                            I N  S E N A T E

                             March 24, 2014
                               ___________

Introduced  by  Sen.  STEWART-COUSINS -- read twice and ordered printed,
  and when printed to be committed to the Committee on Local Government

AN ACT to amend the real property tax law, in relation  to  establishing
  equalization rates for Greenburgh central school district

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

  Section 1. Subdivision 3 of section 1230 of the real property tax law,
as amended by section 54 of part A1 of chapter 58 of the laws  of  2006,
is amended to read as follows:
  3.  Special  equalization rates shall be established for the following
school districts:
  Amityville union free school district
  Brentwood school district
  Central Islip school district
  Freeport union free school district
  GREENBURGH CENTRAL SCHOOL DISTRICT
  Hempstead union free school district
  Roosevelt union free school district
  Tuckahoe union free school district
  Uniondale union free school district
  Westbury union free school district
  Wyandanch school district
  S 2. For calculation of aid  apportioned  to  the  Greenburgh  central
school  district  for  any  project  for  which aid is first apportioned
pursuant to subdivision 6 of section 3602 of the  education  law  on  or
after July 1, 2014, notwithstanding any provision of law to the contrary
including  limitations  in  such  subdivision relating to the dates upon
which such data must be on file with the state education department, the
district shall compute aid under  the  provisions  of  such  subdivision
using the greater of:
  a. the building aid ratio computed for use in the current year; or
  b. a building aid ratio equal to the difference of the selected build-
ing  aid  ratio  equivalent computed pursuant to this section, less one-
tenth.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13404-03-4

S. 6874                             2

  (1) The selected building aid ratio equivalent shall be  the  positive
difference of:
  (a) one, less
  (b) the product, computed to three decimal places without rounding, of
  (i)  the  quotient, computed to three decimal places without rounding,
of
  (A) the quotient, computed to the nearest whole number without  round-
ing, of
  (I)  the  actual valuation of the school district, as defined pursuant
to subdivision 1 of section 3602 of the education law, divided by
  (II) the equivalent pupils of the school district
  (B) divided by the state average actual valuation per  pupil  computed
pursuant  to  subdivision 3 of section 3602 of the education law, multi-
plied by
  (ii) fifty-one percent.
  Such aid ratio shall not be less than zero.
  (2) The  equivalent  pupils  of  the  school  district  shall  be  the
quotient, computed to the nearest whole number without rounding, of
  (a)  an  equivalent actual valuation equal to the amount that would be
computed obtained by taking the assessed valuation of taxable real prop-
erty within such district as it appears upon the assessment roll of  the
town  in which such property is located, for the calendar year two years
prior to the calendar year in  which  the  base  year  commenced,  after
revision  as  provided by law, and dividing it by the state equalization
rate as determined by the state office of real  property  services,  for
the  assessment roll of such town completed during such preceding calen-
dar year, divided by
  (b) the product, computed to the nearest whole number  without  round-
ing, of
  (i)  the state average actual valuation per pupil computed pursuant to
subdivision 3 of section 3602 of the education law, multiplied by
  (ii) the quotient, computed to three decimals without rounding, of
  (A) the positive difference of
  (I) one less
  (II) the building aid ratio that was used or that would have been used
to compute an apportionment pursuant to subdivision 6 of section 3602 of
the education law in the 1999--2000 school year, divided by
  (B) fifty-one one-hundredths.
  The office of real property services shall determine  such  equivalent
actual  valuation  and  shall report it to the state comptroller and the
commissioner of education. Such computations shall be deemed  final  and
not subject to change on or after July 1, 2015.
  S 3. This act shall take effect immediately.

S6874A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A8893B
Current Committee:
Law Section:
Real Property Tax Law
Laws Affected:
Amd §1230, RPT L

S6874A (ACTIVE) - Bill Texts

view summary

Relates to establishing equalization rates for Greenburgh Central School District.

view sponsor memo
BILL NUMBER:S6874A

TITLE OF BILL: An act to amend the real property tax law, in relation
to establishing equalization rates for Greenburgh central school
district

PURPOSE OR GENERAL IDEA OF BILL: To establish a special equalization
rate for the Greenburgh central school district commencing in the
2014-2015 school year.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1 of the bill amends real property tax law section 1230
subdivision 3, as amended by section 54 part Al of chapter 58 of the
laws of 2006, by adding Greenburgh central school district to the list
of school districts for which special equalization rates have been
established.

Section 2 provides formulas for calculating aid apportioned to
Greenburgh central school district for any project for which aid is
first apportioned pursuant to subdivision 6 of section 3602 of the
education law on or after July 1, 2014; for calculating the selected
building aid ratio equivalent which shall not be less than zero; and
for calculating the equivalent pupils of the school district.

This section also provides that shall determine such equivalent and
not subject to change on or the office of real property services
actual valuation and it shall be final after July first, two thousand
fifteen.

Section 3 defines the effective to the 2014-2015 school year.date as
immediately and applies this act

JUSTIFICATION: Greenburgh Central School District (the Greenburgh
School District) lies within the unincorporated Town of Greenburgh.
For purposes of computing Greenburgh School District's state aid to
education, the assessing unit is the Town of Greenburgh and includes
the unincorporated areas of Greenburgh, including Edgemont, a
community with far greater property value and income than the
Greenburgh School District. School-aged children residing in Edgemont
attend the Edgemont Union Free School District (Edgemont School
District).

This legislation amends existing law to establish a special
equalization rate for the Greenburgh School District for the purpose
of determining actual valuation to calculate its operating and
building aid.

Under current law education state aid is determined through the use of
equalization rates. A State Equalization Rate is the percentage of
full value at which taxable real property in a county, city, town or
village is assessed as determined by the State Board of Equalization
and Assessment. This determination assumes assessment at a uniform
percentage of value. Value is computed by dividing the assessed value
of taxable real property within a district by the State Equalization
Rate.


Since the equalization rate used in the state aid formula is based on
the actual valuation of the entire unincorporated Town of Greenburgh
including the much wealthier community of Edgemont, the full value of
the property in the Greenburgh School District is overstated thereby
reducing the amount of education aid received by the district.

This legislation is intended to correct this inequitable situation by
calculating the equalization rate based on the total assessed value of
property in the Greenburgh School District only.

In addition to differing property wealth there are many additional
reasons that justify a special equalization rate for the Greenburgh
School District. Income wealth and socio/ethnic diversity in the
Greenburgh School District also differ greatly from the Edgemont
School District.

Based on home property values and income, the Edgemont School District
is one of the wealthiest communities in New York State. According to
multiple Listing Service statistics, the median residential sale price
for the year 2013 was $968,750 in Edgemont compared to $433,000 in the
Greenburgh School District. The median home price in Edgemont is more
than twice the median home price in the Greenburgh School District.
Moreover, the median residential sale price for the year 2013 in
Westchester County was $610,000 which is substantially higher than the
median sale price of a home in the Greenburgh School District but
substantially lower than a home in the Edgemont School District.

Edgemont's median family income ($176,493) is more than twice that of
the Greenburgh Central School's median family income ($87,660).
Edgemont's per capital income ($71,287) is almost twice that of the
Greenburgh School District's ($37,797).

An even greater indicator of the differences between the two
communities is reflected in the percentage of students who receive
free/reduced lunch. 51% of Greenburgh School District's students
receive a free/reduced lunch; Edgemont has 0% students receiving a
free/reduced lunch. In addition, Greenburgh School District's black
and Hispanic population is 78%; Edgemont School District's black and
Hispanic population is 5%.

Utilizing an equalization rate based on the combined assessed value of
the Unincorporated Town of Greenburgh is unfair in its treatment of
the Greenburgh School District. The Greenburgh School District, the
poorer district, is penalized by incorporating the wealthier community
of the Edgemont School District's total assessed value into the
Unincorporated Town of Greenburgh's calculation. This method makes the
Greenburgh School District appear wealthier than is actually the case,
thereby lowering its fair share of state aid.

A comparison between The Greenburgh School District and a similar
school district, Tarrytown, confirms the current inequity.
Tarrytown's building aid ratio was 25% from 1996-2001 and 32% from
2001 to the present whereas the Greenburgh School District's has
remained steady at 4.8%.

Moreover, a comparison between the Greenburgh School District and
other wealthy school districts in Westchester County further


exemplifies the inequity of the building state aid received by the
Greenburgh School District. The Scarsdale Union Free School District's
building aid is 9.5%; Bronxville Union Free School District's building
aid is 10.1%; and Chappaqua Central School District's building aid is
23.6%

Precedent for the establishment of special equalization rates for
school districts in similar circumstances as the Greenburgh School
District is firmly established in the law.

In 1983, the then Governor signed into law legislation to require the
State Board of Equalization and Assessment to establish special
equalization rates for the Hempstead and Freeport Union Free School
Districts. The rationale for these special laws was that a "special"
rate should be established for education aid purposes because the
areas encompassed by these school districts were assessed at a higher
ratio of assessed value to market value than the Town of Hempstead as
a whole causing a hardship to these school districts (identical to the
Greenburgh School District situation).

In 1984, Governor Mario Cuomo vetoed special equalization rate bills
for four school districts (Lindenhurst, Amityville, Patchogue-Medford
and Babylon) based upon his objection to a "case-by-case" approach to
this issue and directed the State Board to develop recommendations to
address this issue in a "comprehensive, statewide manner that will
make similar local bills unnecessary."

In 1986, chapter 660 of the Laws of New York State was enacted
establishing a task force to examine the impact of the use of state
equalization rates in the distribution of state aid to education. The
school districts surveyed included 53 districts in Nassau, all or part
of 57 districts in six towns in Suffolk, two districts in Erie and one
district in Albany County. Notably, no Westchester County school
district was included in this study. This task force recommended that
"segment equalization" rates not be established for school districts
because most school districts would not be affected. Accordingly, the
State could not justify the cost of establishing rates for every
district. The only recourse available for school districts that were
not properly assessed was to enact legislation that would authorize
the State Board to establish a special "segment" equalization rate.
Thus, in 1989 the Legislature passed and Governor Mario Cuomo signed a
law establishing a Special Equalization Rata for each of six school
districts in Nassau and Suffolk Counties: Uniondale, Westbury,
Central Islip, Brentwood, Wyandanch and Amityville. Significantly,
this legislation established special "segment" equalization rates for
Suffolk County districts despite the fact that there was insufficient
data regarding actual valuation for these school districts. More
recently, in 2006 the Legislature passed and the then Governor signed
a law establishing a Special Equalization Rate for the Tuckahoe School
District in Westchester County due to the fact that its state aid was
unfairly impacted by the wealth of the Village of Bronxville.

The Greenburgh School District is currently iii the same situation as
were these Suffolk County districts and the Tuckahoe School District,
over-valued and losing critical state aid dollars. The only way for
the Greenburgh School District to receive its fair share of state aid
is to amend the current law to include the Greenburgh School District


among those districts already provided a special equalization rate.
As set forth above, precedent for this legislation is well
established.

Receiving its fair share of building aid is a critical issue for the
Greenburgh School District at this time. To address growing
enrollment, the increase in mandated courses, implementation of the
Common Core, and the need to update its aging facilities, Greenburgh
is proposing a major construction project that will consolidate all of
the Greenburgh School District's educational programs on a single
campus.

To accomplish this vision, the District would sell two schools, expand
the school already on the 100 acre campus for pre-kindergarten through
second grade; construct a new facility to serve children in grades
three through eight; and renovate the high school which serves
students in ninth through 12th grades.

In 2008, a state audit of the current six buildings in the District
showed that it would cost, at that time, approximately fifty million
dollars to bring them up to code. The projected cost to consolidate
all six locations on one campus is one hundred million dollars. It is
estimated that the sale of the two school properties in the District
will range between $2.5 and $5 million and that the consolidation of
the District on one campus will save money by eliminating some
administrative positions and cutting transportation costs. Moreover,
the new facilities would be technologically up to date and incorporate
the latest energy-saving materials.

The construction of these new and improved facilities is critical to
the continued academic success of the Greenburgh School District. An
increase in building aid will improve the likelihood of getting voter
support for the bond referendum needed for this project.

This legislation will allow the Greenburgh School District to utilize
a special equalization rate to calculate its select aid ratio and help
rectify a long existing inequity in state aid received by the
District.

LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: To be determined.

EFFECTIVE DATE: This act shall take effect immediately.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6874--A

                            I N  S E N A T E

                             March 24, 2014
                               ___________

Introduced  by  Sen.  STEWART-COUSINS -- read twice and ordered printed,
  and when printed to be committed to the Committee on Local  Government
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the real property tax law, in relation  to  establishing
  equalization rates for Greenburgh central school district

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

  Section 1. Subdivision 3 of section 1230 of the real property tax law,
as amended by section 54 of part A1 of chapter 58 of the laws  of  2006,
is amended to read as follows:
  3.  Special  equalization rates shall be established for the following
school districts:
  Amityville union free school district
  Brentwood school district
  Central Islip school district
  Freeport union free school district
  GREENBURGH CENTRAL SCHOOL DISTRICT
  Hempstead union free school district
  Roosevelt union free school district
  Tuckahoe union free school district
  Uniondale union free school district
  Westbury union free school district
  Wyandanch school district
  S 2. For calculation of aid  apportioned  to  the  Greenburgh  central
school  district  for  any  project  for  which aid is first apportioned
pursuant to subdivision 6 of section 3602 of the  education  law  on  or
after  July 1, 2014, the district shall compute aid under the provisions
of such subdivision using the greater of:
  a. the building aid ratio computed for use in the current year; or
  b. a building aid ratio equal to the difference of the selected build-
ing aid ratio equivalent computed pursuant to this  section,  less  one-
tenth.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD13404-05-4

S. 6874--A                          2

  (1)  The  selected building aid ratio equivalent shall be the positive
difference of:
  (a) one, less
  (b) the product, computed to three decimal places without rounding, of
  (i)  the  quotient, computed to three decimal places without rounding,
of
  (A) the quotient, computed to the nearest whole number without  round-
ing, of
  (I)  the  actual valuation of the school district, as defined pursuant
to subdivision 1 of section 3602 of the education law, divided by
  (II) the equivalent pupils of the school district
  (B) divided by the state average actual valuation per  pupil  computed
pursuant  to  subdivision 3 of section 3602 of the education law, multi-
plied by
  (ii) fifty-one percent.
  Such aid ratio shall not be less than zero.
  (2) The  equivalent  pupils  of  the  school  district  shall  be  the
quotient, computed to the nearest whole number without rounding, of
  (a)  an  equivalent actual valuation equal to the amount that would be
computed obtained by taking the assessed valuation of taxable real prop-
erty within such district as it appears upon the assessment roll of  the
town  in which such property is located, for the calendar year two years
prior to the calendar year in  which  the  base  year  commenced,  after
revision  as  provided by law, and dividing it by the state equalization
rate as determined by the state office of real  property  services,  for
the  assessment roll of such town completed during such preceding calen-
dar year, divided by
  (b) the product, computed to the nearest whole number  without  round-
ing, of
  (i)  the state average actual valuation per pupil computed pursuant to
subdivision 3 of section 3602 of the education law, multiplied by
  (ii) the quotient, computed to three decimals without rounding, of
  (A) the positive difference of
  (I) one less
  (II) the building aid ratio that was used or that would have been used
to compute an apportionment pursuant to subdivision 6 of section 3602 of
the education law in the 1999--2000 school year, divided by
  (B) fifty-one one-hundredths.
  The office of real property services shall determine  such  equivalent
actual  valuation  and  shall report it to the state comptroller and the
commissioner of education. Such computations shall be deemed  final  and
not subject to change on or after July 1, 2015.
  S 3. This act shall take effect immediately.

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