BILL NUMBER: S9766
SPONSOR: WEBER
 
TITLE OF BILL:
An act to amend the town law, in relation to authorizing the town of
Orangetown, county of Rockland to establish community preservation
funds; to amend the tax law, in relation to authorizing the town of
Orangetown to impose a real estate transfer tax with revenues therefrom
to be deposited in said community preservation fund; and providing for
the repeal of certain provisions upon expiration thereof
 
PURPOSE:
This bill would limit shifts between homestead and non-homestead proper-
ty classes of no more than one percent per year.
 
SUMMARY OF PROVISIONS:
Section1: Amends section 1903 of the real property tax law as it relates
to limiting the shift between classes of taxable property to one percent
in the Town of Orangetown in Rockland County.
Section 2: Provides the effective date.
 
JUSTIFICATION:
Municipalities with classes of taxable property (homestead/non-
homestead) often face drastic fluctuations in shifts between the two
dasses of taxable property. Current law limits those shifts at five
percent but this bill would restrict the shift in the Town of Orangetown
to no more than one percent to create stability in the tax base from
year to year. Similar legislation has been proposed and implemented in
prior years and this act will extend the limitation in the Town of
Orangetown for another year.
 
LEGISLATIVE HISTORY:
None
 
FISCAL IMPLICATIONS:
New Bill
 
EFFECTIVE DATE:
This act shall take effect immediately.