Relates to wealth ratio adjustments for school districts with higher than average assessed value holdings of real property which are exempt from taxation under the real property tax law.
STATE OF NEW YORK
________________________________________________________________________
4488
2019-2020 Regular Sessions
IN ASSEMBLY
February 4, 2019
___________
Introduced by M. of A. B. MILLER, BLANKENBUSH, FINCH -- read once and
referred to the Committee on Education
AN ACT to amend the education law, in relation to wealth ratio adjust-
ments for school districts with higher than average assessed value
holdings of real property exempt from taxation under the real property
tax law
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 3 of section 3602 of the education law is
2 amended by adding a new paragraph a-1 to read as follows:
3 a-1. Wealth ratio adjustment formula for school districts which
4 contain not-for-profit corporations in excess of the state average. (1)
5 As used in this section the following terms shall have the following
6 meanings: "Not-for-profit corporation" shall mean any entity exempt from
7 real property taxes under the real property tax law. (2) "State average"
8 shall mean the average assessed value of property owned by not-for-pro-
9 fit-corporations throughout the state. (3) "Wealth ratio" shall include
10 the combined wealth ratio and the combined wealth ratio for foundation
11 aid as defined in this article. The commissioner shall develop and
12 implement an adjustment to the wealth ratio formula for school districts
13 which contain non-profit corporations in excess of the state average.
14 Such formula shall adjust the wealth ratio downward by a percentage or
15 portion of a percentage, based upon the percent of non-taxable proper-
16 ties owned by not-for-profit corporations located in the school
17 district, which exceed the state average. The goal of such adjustment is
18 to keep school districts whole when local incomes are strong, but there
19 is a concentration of not-for-profit corporations exempt from real prop-
20 erty taxes under the real property tax law.
21 § 2. This act shall take effect on the three hundred sixty-fifth day
22 after it shall have become a law, provided, however that the commission-
23 er of education shall have the authority to promulgate any rules neces-
24 sary for the implementation of this act on or before such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD06593-01-9
