New York S08548 requires nonprofit organizations to pay 75% of their annual property taxes to offset the impact of their tax exemption.

New York S08548 amends the real property tax law to require nonprofit organizations that would typically be exempt from property taxes to pay 75% of their annual property taxes to the municipality in which they are located. This is intended to offset the impact of the tax exemption on municipal revenues. Nonprofit organizations with a standing payments in lieu of taxes (PILOT) program, or any other financial agreement with their municipality to offset the impact of such exemption, are exempt from this requirement.

New York S08548 requires nonprofit organizations to pay 75% of their annual property taxes to offset the impact of their tax exemption.

New York S08548 amends the real property tax law to require nonprofit organizations that would typically be exempt from property taxes to pay 75% of their annual property taxes to the municipality in which they are located. This is intended to offset the impact of the tax exemption on municipal revenues. Nonprofit organizations with a standing payments in lieu of taxes (PILOT) program, or any other financial agreement with their municipality to offset the impact of such exemption, are exempt from this requirement.