Directs any moneys derived from new or increased taxes to reduce local real property taxes.
The bill amends the tax law to direct any moneys derived from new or increased taxes to be used for reducing local real property taxes. Payments will be made to cities, villages, and towns to lower their real property tax levies. The amount each municipality receives is based on the proportion of the full value of the city, village, or town outside a village to the full value of the state. The tax commissioner and the comptroller will maintain a system of accounts showing the revenue collected from increased or new taxes.
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