New York A10860 amends tax laws to include changes in assessed value for tax-exempt properties in tax base growth calculations.

New York A10860 amends the general municipal law and the education law to modify how tax base growth factors and quantity change factors are calculated. The bill specifies that these factors must include changes in assessed value for each property on the exempt side of the tax rolls under a payment in lieu of tax agreement. Additionally, it allows local governments and school districts to elect to include the equivalent taxable value of property subject to a payment in lieu of taxes agreement in the calculation of their quantity change factor.

New York A10860 amends tax laws to include changes in assessed value for tax-exempt properties in tax base growth calculations.

New York A10860 amends the general municipal law and the education law to modify how tax base growth factors and quantity change factors are calculated. The bill specifies that these factors must include changes in assessed value for each property on the exempt side of the tax rolls under a payment in lieu of tax agreement. Additionally, it allows local governments and school districts to elect to include the equivalent taxable value of property subject to a payment in lieu of taxes agreement in the calculation of their quantity change factor.