Discontinues the real property tax exemption for certain real property that is used for home games for certain professional sports teams in New York city beginning with the 2026 assessment roll.
Summary
Bill S00957 proposes to amend the real property tax law in New York by discontinuing the tax exemption for real property used for home games by certain professional major league sports teams, specifically those in cities with populations over one million. The bill aims to eliminate the tax benefits currently granted to properties used by professional hockey and basketball teams, thereby increasing the tax revenue from these properties starting with the 2026 assessment roll. The legislation declares any lease provisions that shift tax obligations from property owners to other entities as void against public policy.
Impact
If enacted, this bill will significantly affect the financial obligations of professional sports teams and their respective venues in New York City. The discontinuation of the tax exemption will result in increased tax liabilities for the owners of the properties used for major league sports, which could lead to higher operational costs for these teams. Additionally, the revenue generated from these taxes will be redirected to the Metropolitan Transportation Authority, potentially impacting public transportation funding.
Sentiment
The general sentiment surrounding Bill S00957 appears to be mixed. Supporters argue that it is a necessary step to ensure that large professional sports franchises contribute fairly to the city's tax base, while opponents may view it as an additional financial burden on sports teams that could deter investment in the local economy. However, there has been no recorded voting history or committee discussions available to gauge the full spectrum of opinions on the bill.
Contention
Notable points of contention include the potential economic impact on professional sports teams and the broader implications for local businesses that benefit from sports events. Supporters of the bill, likely comprising fiscal conservatives and local government advocates, argue for the necessity of tax equity, while opponents, possibly including team owners and sports advocates, may argue that the loss of tax exemptions could harm the viability of hosting major league sports in New York City.
Same As
Discontinues the real property tax exemption for certain real property that is used for home games for certain professional sports teams in New York city beginning with the 2026 assessment roll.
Discontinues the real property tax exemption for certain real property that is used for home games for certain professional sports teams in New York city beginning with the 2026 assessment roll.
Discontinues the real property tax exemption for certain real property that is used for home games for certain professional sports teams in New York city beginning with the 2024 assessment roll.
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.
Provides a personal income tax exemption for certain professional athletes residing in New York state of up to two hundred fifty thousand dollars of income.
Authorizes New Hour for Women and Children LI, Inc. to receive a real property tax exemption for the 2022-2023, 2023-2024 and 2024-2025 assessment rolls.
Authorizes New Hour for Women and Children LI, Inc. to receive a real property tax exemption for the 2022-2023, 2023-2024 and 2024-2025 assessment rolls.
Relates to a rebate against real property taxes for certain owners of real property in the city of New York for the fiscal year commencing July 1, 2024.
Relates to a rebate against real property taxes for certain owners of real property in the city of New York for the fiscal year commencing July 1, 2024.
creating an additional property tax for certain unoccupied properties and creating a housing transfer tax exemption for certain low- and moderate-income home buyers.