BILL NUMBER: S5221
SPONSOR: WEBER
 
TITLE OF BILL:
An act to amend the real property tax law, in relation to extending
limitations on the shift between classes of taxable property in the town
of Orangetown, county of Rockland
 
PURPOSE:
The bill would limit the shifts between homestead and non-homestead
property classes of no more than one percent per year.
 
SUMMARY OF PROVISIONS:
Sectionl: 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
classes 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:

Statutes affected:
S5221: 1903 real property tax law, 1903(3) real property tax law