While Gov. Hochul vowed to provide funding to adequately finance MTA projects, at press time no firm plans have been released.
According to the FBI’s 2023 Internet Crime Complaint Center Report, there were more than 101,068 complaints filed by individuals over 60 years old resulting in more than $3.4 billion in losses in 2023.
A well-known business leader, Weale was perhaps best known for co-founding Country Bank in Carmel and later serving as President and CEO of the Putnam County Economic Development Corp. for 13 years.
ALBANY– Two bills sponsored by New York State Sen. Pete Harckham (D, WF-40th District) that will study the use of tax exemptions and the burdens they cause to municipalities and taxpayers were passed on Feb. 11 by the State Senate.
Both bills now await passage by the State Assembly and approval from Gov. Andrew M. Cuomo before they can be enacted.
One bill passed by the Senate—S.3679A—will establish a property tax exemption task force, which will focus on the different property types and classifications now eligible for exemption, whether the exemptions are partial or total, and the total value of each exemption. Also, the bill calls for an analysis of the exemption process. Federal exemptions and those granted by local Industrial Development Agencies will be evaluated as to whether they should be continued or modified.
The property tax exemption task force will consist of seven members appointed by the Commissioner of Taxation and Finance, the Comptroller, Attorney General, temporary Senate President, Assembly Speaker, and each minority leader. The group will be charged with issuing its report within a year.
About 33% of real property in New York State is currently exempted from one of more types of taxation, and it’s now time to see how much of that total can be returned to the tax rolls, State Sen. Harckham noted.
The second bill that passed the Senate—S.5312A—directs the State Board of Real Property Tax Services to study the economic impact upon different municipalities that are dealing with high percentages of tax-exempt property, usually caused by state parks and facilities within their tax districts. The study will include an assessment of how the housing market and economic development are affected by the concentration of exemptions. The bill requires that a report with recommendations on how to reduce tax burdens be completed within a year.
“Our fiscally-challenging times definitely necessitate a re-evaluation of how widely we should be granting exemptions on property,” said Harckham, who is a member of the Senate’s Local Government Committee. “I am pleased that my Senate colleagues have moved forward these two bills, both of which will offer greater clarity on whether certain exemptions are unfairly impacting our taxpayers and what gain, if any, they offer to our communities.”
While Gov. Hochul vowed to provide funding to adequately finance MTA projects, at press time no firm plans have been released.
A well-known business leader, Weale was perhaps best known for co-founding Country Bank in Carmel and later serving as President and CEO of the Putnam County Economic Development Corp. for 13 years.
Existing-home sales in the Northeast in June withdrew 2.1% from May to an annual rate of 470,000, a decline of 6% from June 2023.
One requirement of the law mandating the use of written contracts for compensation will impact NYS brokers significantly.
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