New York A03186 ensures STAR real property tax savings are not less than the previous year's savings.

New York A03186 amends the real property tax law to ensure that the amount of a STAR real property tax savings cannot be less than the amount from the previous year. This applies to all assessments occurring after the bill's effective date. The tax savings attributable to the basic and enhanced exemptions are calculated separately. The commissioner is responsible for calculating tax savings limitations. The act takes effect on July 1 following its enactment.

New York A03186 ensures STAR real property tax savings are not less than the previous year's savings.

New York A03186 amends the real property tax law to ensure that the amount of a STAR real property tax savings cannot be less than the amount from the previous year. This applies to all assessments occurring after the bill's effective date. The tax savings attributable to the basic and enhanced exemptions are calculated separately. The commissioner is responsible for calculating tax savings limitations. The act takes effect on July 1 following its enactment.