Subjects to taxation the possessory interest of a private individual or corporation which uses real property owned by the United States or the state, except for real property owned by public authorities, for business purposes; excludes private property where the use is for a concession available to the general public located on property, such as parks, available for the use of the general public.
Summary
Bill A05680 proposes amendments to the real property tax law concerning the taxation of possessory interests held by private lessees or contractors using real property owned by the United States or the state of New York. Specifically, it establishes that these possessory interests are to be assessed and taxed similarly to ownership interests, with certain exceptions for public concessions. The bill aims to clarify the taxation framework for properties that, while owned by the government, are utilized for private business purposes.
Impact
If enacted, this bill would modify the existing tax framework by allowing municipal corporations to impose taxes on the possessory interests of private entities using government-owned properties, thereby generating potential revenue for local governments. It also stipulates that these taxes would not create a lien against the government-owned property and includes provisions for partial exemptions for existing possessory interests under certain conditions. This change could affect various businesses operating on government-owned land, particularly those that do not qualify for existing exemptions.
Sentiment
The sentiment surrounding Bill A05680 appears to be mixed, with some support for the need to ensure that private entities utilizing public land contribute to local tax revenues. However, there are concerns from stakeholders about the potential financial burden on small businesses and the implications of increased taxation on economic activity in public spaces. The absence of recorded votes or committee discussions makes it challenging to gauge the full extent of support or opposition.
Contention
Notable points of contention include the potential impact on small businesses, particularly those with fewer than twenty-five employees, which are exempt from the provisions of the bill. Critics argue that the bill could disproportionately affect these smaller entities by imposing additional tax burdens, while supporters contend that it is necessary for fairness in taxation and to ensure that all users of public land contribute to local economies. The distinction between public concessions and private business use also raises questions about equitable treatment under the law.
Same As
Subjects to taxation the possessory interest of a private individual or corporation which uses real property owned by the United States or the state, except for real property owned by public authorities, for business purposes; excludes private property where the use is for a concession available to the general public located on property, such as parks, available for the use of the general public.
Subjects to taxation the possessory interest of a private individual or corporation which uses real property owned by the United States or the state, except for real property owned by public authorities, for business purposes; excludes private property where the use is for a concession available to the general public located on property, such as parks, available for the use of the general public.
Subjects to taxation the possessory interest of a private individual or corporation which uses real property owned by the United States or the state, except for real property owned by public authorities, for business purposes; excludes private property where the use is for a concession available to the general public located on property, such as parks, available for the use of the general public.
To Amend The Law Concerning The Assessment Of Property For The Purpose Of Property Tax; And To Repeal The Requirement That Personal Property Subject To Taxation Be Listed Or Reported By The Property Owner.
Freezes the assessed value of real property owned by persons aged 65 or over, for the purposes of determining taxes owed on such property, beginning on the date all of such persons reach the age of 65, regardless of the actual assessed value of the property at the time of taxation.
To Amend The Definition Of "recreational Purpose" As Used In Relation To The Liability Of A Property Owner Who Makes Land Available To The Public For Recreational Purposes.
Restricting residential homestead property taxes to not more than the established base of property taxes owed for individuals 65 years of age and older and eliminating the property tax exemption for certain commercial properties used for healthcare when in competition with other non-exempt properties.
Probate: trusts; uniform statutory rule against perpetuities; revise to reflect limitation of the personal property trust perpetuities act to certain property. Amends secs. 3 & 5 of 1988 PA 418 (MCL 554.73 & 554.75). TIE BAR WITH: HB 4033'25
Relating to the status of certain documents or instruments concerning real or personal property; creating the criminal offenses of real property theft and real property fraud and establishing a statute of limitations for those offenses; harmonizing other statute of limitations provisions; increasing a criminal penalty.