If enacted, A10860 will affect local tax calculations, providing local governments and school districts with the option to include the taxable value of properties that are exempt due to PILOT agreements. This could significantly impact the tax revenue these entities receive, helping ensure that they account for changes in property values accurately. The requirement that local governments make an express election to include these adjustments aims to provide flexibility while maintaining oversight over the assessment process.
Summary
A10860 is a bill introduced in the New York Assembly aimed at amending the General Municipal Law and the Education Law concerning payments in lieu of taxes (PILOTs). The bill proposes that the calculation of the tax base growth factor, also known as the quantity change factor, should include adjustments for properties under PILOT agreements. Specifically, it defines how to determine the equivalent taxable value of such properties and allows local governments and school districts to elect to include this value in their assessments.
Contention
The bill has raised various points of contention regarding the implications of altering the way tax assessments are calculated, particularly in relation to properties benefitting from PILOTs. Critics might argue that it could lead to complexities in local tax systems and may disproportionately benefit larger entities that utilize PILOTs, impacting the tax burden on local residents. Proponents, however, contend that it enhances fairness in tax assessments and aligns revenue generation with actual property valuation changes.
Same As
Relates to payments in lieu of taxes; provides that the tax base growth factor or quantity change factor includes the change in assessed value for each property on the exempt side of the tax rolls under a payment in lieu of tax agreement; allows a local government or school district to elect to include the equivalent taxable value of property subject to a payment in lieu of taxes agreement in the calculation of its quantity change factor.
Relates to payments in lieu of taxes; provides that the tax base growth factor or quantity change factor includes the change in assessed value for each property on the exempt side of the tax rolls under a payment in lieu of tax agreement; allows a local government or school district to elect to include the equivalent taxable value of property subject to a payment in lieu of taxes agreement in the calculation of its quantity change factor.
Relates to authorizing counties to set interest rates imposed on late payment of property taxes and delinquencies and redemption of property subject to more than one tax lien.
Exempts payments in lieu of taxes received or receivable with regards to renewable energy projects from local governments' tax cap calculations; defines term.