A 3186: Provides that the amount of a STAR real property tax savings may not be less than the amount of the STAR real property tax savings from the previous year.

  
  STATE OF NEW YORK ________________________________________________________________________ 3186 2025-2026 Regular Sessions  IN ASSEMBLY January 23, 2025 ___________ Introduced by M. of A. EACHUS, PAULIN, BUTTENSCHON, SAYEGH, HYNDMAN, JONES, SIMON, WOERNER, STERN -- read once and referred to the Commit- tee on Real Property Taxation AN ACT to amend the real property tax law, in relation to providing that the amount of a STAR real property tax savings may not be less than the amount of the STAR real property tax savings from the previous year The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subparagraph (i) of paragraph (a) of subdivision 2 of 2 section 1306-a of the real property tax law, as amended by section 1 of 3 part LL of chapter 59 of the laws of 2019, is amended to read as 4 follows: 5 (i) The tax savings for each parcel receiving the exemption authorized 6 by section four hundred twenty-five of this chapter shall be computed by 7 subtracting the amount actually levied against the parcel from the 8 amount that would have been levied if not for the exemption, provided 9 however, that for the two thousand eleven-two thousand twelve through 10 two thousand eighteen-two thousand nineteen school years, the tax 11 savings applicable to any "portion" (which as used herein shall mean 12 that part of an assessing unit located within a school district) shall 13 not exceed the tax savings applicable to that portion in the prior 14 school year multiplied by one hundred two percent, with the result 15 rounded to the nearest dollar; and provided further that beginning with 16 the two thousand nineteen-two thousand twenty school year: (A) for 17 purposes of the exemption authorized by section four hundred twenty-five 18 of this chapter, the tax savings applicable to any portion shall [not 19 exceed] equal the tax savings for the prior year, and (B) for purposes 20 of the credit authorized by subsection (eee) of section six hundred six 21 of the tax law, the tax savings applicable to any portion shall not 22 exceed the tax savings applicable to that portion in the prior school EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD06159-01-5 
 A. 3186 2 1 year multiplied by one hundred two percent, with the result rounded to 2 the nearest dollar nor shall the tax savings applicable to that portion 3 be less than the tax savings for the prior year. The tax savings attrib- 4 utable to the basic and enhanced exemptions shall be calculated sepa- 5 rately. It shall be the responsibility of the commissioner to calculate 6 tax savings limitations for purposes of this subdivision. 7 § 2. This act shall take effect on the first of July next succeeding 8 the date upon which it shall have become a law and shall apply to all 9 assessments occurring on and after such date.