Budget & Taxes

Bill A8568 limits annual increases in property tax base proportions for Nassau and Suffolk counties. For Nassau County, local approval is required to cap annual increases at 1% per year; Suffolk County gets a 2% cap for most years but a 1% cap specifically for the 2025-2026 tax year. If calculations would exceed these limits, local governments must adjust other tax classes to ensure total base proportions equal 100%. The law applies to tax levies based on the 2025 assessment rolls in these counties.

This bill limits annual changes to property tax class assessments in Haverstraw, Rockland County, for 2025-2026. It prevents any single property class from having its tax base proportion increase by more than 1% from the previous year's adjusted rate, unless the town first passes a local law approving the change. The law applies only to Haverstraw's approved assessing unit and requires the town's legislative body to adjust class proportions if the 1% limit is triggered. This directly affects property owners in Haverstraw whose tax classifications might otherwise shift significantly year-to-year.

S 7780 would allow cities with a population of over one million to grant mutual redevelopment companies an additional 50 years of tax exemption, following the initial maximum period. The exemption requires that the company pays at least 5% of annual rent (minus utilities) for residential units or the taxes paid during 2000-2001, whichever is lower. This applies only to companies already operating under the existing tax exemption framework in large cities.

S 8297 limits annual increases in property tax base proportions for Nassau and Suffolk counties to prevent sudden tax hikes. For Nassau County, the increase for any tax class cannot exceed 1% annually, but only if local officials pass a specific law approving this cap. Suffolk County has a 2% annual cap for most years, but must use a 1% cap for the 2025-2026 tax period. If calculations would exceed these limits, county legislatures must adjust other tax classes to ensure the total base proportions remain at 100%.