BILL NUMBER: S2094A
SPONSOR: PALUMBO
 
TITLE OF BILL:
An act authorizing the town of Southampton, county of Suffolk, to enact
by a local law a homestead exemption
 
PURPOSE:
Authorizes the town of Southampton, county of Suffolk, to enact a home-
stead exemption.
 
SUMMARY OF PROVISIONS:
Section 1. Authorizes the town of Southampton, county of Suffolk to
enact by local law a homestead exemption from real property taxation.
Eligibility for such exemption shall be the same as for the basic school
tax relief (STAR) exemption pursuant to subdivision 3 of section 425 of
the real property tax law. The exemption shall be uniform for all eligi-
ble real property and shall not exceed $50,000 in full assessed value.
Section 2. Effective Date
 
JUSTIFICATION:
Property taxes are the primary funding source for most local services
including police, fire, ambulance, libraries, roads and schools. Indi-
vidual property taxes are determined by calculating the fractional share
of the total sum to be collected based on a property's value as compared
to the full value of all taxable real property within the taxing
district. Each property is assessed a value for the land and a separate
value for any structures built upon the property, The combined total is
the "total assessed value" of the property. The basic principle is the
more a property is worth, the more it will pay in property taxes. The
total needed to be collected across the district is divided by the full
value of all properties to determine the "tax rate". The assessed value
of a property is then multiplied by the tax rate to determine the prop-
erty's taxes clue for that property.
This legislation will authorize the town of Southampton, county of
Suffolk, to enact, by local law, a homestead exemption from real proper-
ty taxation which will reduce the assessed value for taxation purposes
of all year round homes by $50,000.
 
LEGISLATIVE HISTORY:
2022 S.5984/A.6667
 
FISCAL IMPLICATIONS:
TBD
 
EFFECTIVE DATE:
Immediately.