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Assembly Bill A6401

2023-2024 Legislative Session

Relates to the formula for the real property tax cap

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Archive: Last Bill Status - In Assembly Committee

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2023-A6401 (ACTIVE) - Details

See Senate Version of this Bill:
S6261
Current Committee:
Assembly Local Governments
Law Section:
General Municipal Law
Laws Affected:
Amd §3-c, Gen Muni L; amd §2023-a, Ed L
Versions Introduced in 2025-2026 Legislative Session:
A4419, S1635

2023-A6401 (ACTIVE) - Summary

Relates to the formula for the real property tax cap.

2023-A6401 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6401
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               April 6, 2023
                                ___________
 
 Introduced  by M. of A. GOODELL -- read once and referred to the Commit-
   tee on Local Governments
 
 AN ACT to amend the general municipal law  and  the  education  law,  in
   relation to the formula for the real property tax cap
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. Paragraph (c) of subdivision 3 of section 3-c of the gener-
 al municipal law, as added by section 1 of part A of chapter 97  of  the
 laws of 2011, is amended to read as follows:
   (c)  Each local government shall calculate the tax levy limit applica-
 ble to the coming fiscal year which shall be determined as follows:
   (i) Ascertain the HIGHEST total amount of taxes levied  for  A  FISCAL
 YEAR FOR the prior FIVE fiscal [year] YEARS.
   (ii)  Multiply  the  result  by the tax base growth factor, calculated
 pursuant to paragraph (b) of this subdivision, if any.
   (iii) Add any payments in lieu of taxes that were  receivable  in  the
 prior fiscal year.
   (iv)  Subtract the tax levy necessary to support expenditures pursuant
 to subparagraph (i) of paragraph (g) of subdivision two of this  section
 for the prior fiscal year, if any.
   (v) Multiply the result by the allowable levy growth factor.
   (vi)  Subtract  any payments in lieu of taxes receivable in the coming
 fiscal year.
   (vii) Add the available carryover, if any.
   § 2. Paragraph a of subdivision 3 of section 2023-a of  the  education
 law,  as added by section 2 of part A of chapter 97 of the laws of 2011,
 is amended to read as follows:
   a. Each school district shall calculate the tax levy  limit  for  each
 school year which shall be determined as follows:
   (1)  Ascertain  the  HIGHEST total amount of taxes levied for A SCHOOL
 YEAR FOR the prior FIVE school [year] YEARS.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD10085-01-3

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