Bill Text: NY A04488 | 2019-2020 | General Assembly | Introduced
Bill Title: Relates to wealth ratio adjustments for school districts with higher than average assessed value holdings of real property which are exempt from taxation under the real property tax law.
Spectrum: Partisan Bill (Republican 6-0)
Status: (Introduced - Dead) 2020-07-14 - held for consideration in education [A04488 Detail]
Download: New_York-2019-A04488-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 4488 2019-2020 Regular Sessions IN ASSEMBLY February 4, 2019 ___________ Introduced by M. of A. B. MILLER, BLANKENBUSH, FINCH -- read once and referred to the Committee on Education AN ACT to amend the education law, in relation to wealth ratio adjust- ments for school districts with higher than average assessed value holdings of real property exempt from taxation under the real property tax law The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 3 of section 3602 of the education law is 2 amended by adding a new paragraph a-1 to read as follows: 3 a-1. Wealth ratio adjustment formula for school districts which 4 contain not-for-profit corporations in excess of the state average. (1) 5 As used in this section the following terms shall have the following 6 meanings: "Not-for-profit corporation" shall mean any entity exempt from 7 real property taxes under the real property tax law. (2) "State average" 8 shall mean the average assessed value of property owned by not-for-pro- 9 fit-corporations throughout the state. (3) "Wealth ratio" shall include 10 the combined wealth ratio and the combined wealth ratio for foundation 11 aid as defined in this article. The commissioner shall develop and 12 implement an adjustment to the wealth ratio formula for school districts 13 which contain non-profit corporations in excess of the state average. 14 Such formula shall adjust the wealth ratio downward by a percentage or 15 portion of a percentage, based upon the percent of non-taxable proper- 16 ties owned by not-for-profit corporations located in the school 17 district, which exceed the state average. The goal of such adjustment is 18 to keep school districts whole when local incomes are strong, but there 19 is a concentration of not-for-profit corporations exempt from real prop- 20 erty taxes under the real property tax law. 21 § 2. This act shall take effect on the three hundred sixty-fifth day 22 after it shall have become a law, provided, however that the commission- 23 er of education shall have the authority to promulgate any rules neces- 24 sary for the implementation of this act on or before such date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD06593-01-9