New York S03245 amends tax laws to include changes in assessed value for properties under payment in lieu of taxes agreements in the calculation of.

New York S03245 amends the general municipal law and the education law to adjust how tax base growth and quantity change factors are calculated. Specifically, it mandates that these factors include changes in assessed value for each property on the exempt side of the tax rolls under a payment in lieu of taxes agreement. Additionally, the bill 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 their quantity change factor calculations.

New York S03245 amends tax laws to include changes in assessed value for properties under payment in lieu of taxes agreements in the calculation of.

New York S03245 amends the general municipal law and the education law to adjust how tax base growth and quantity change factors are calculated. Specifically, it mandates that these factors include changes in assessed value for each property on the exempt side of the tax rolls under a payment in lieu of taxes agreement. Additionally, the bill 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 their quantity change factor calculations.