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NYS Will Begin A Study of Property Tax Exemptions

Donkey Hotey/Flickr

New York Governor Andrew Cuomo has signed legislation to launch the study of real property tax exemptions. Hudson Valley lawmakers were the prime sponsors of the bill they say could results in changes in tax status and savings for residents and municipalities.

The bill, sponsored in the Senate by Democrat Pete Harckham, will create a property tax exemption task force and directs the state’s Department of Taxation and Finance to study and prepare a report on existing real property tax exemption laws with an idea that some exemptions may need to be reevaluated. The task force will consist of seven members and include the Commissioner of Taxation and Finance, Comptroller and Attorney General or their designees; and one appointee each from the Senate President, Senate Minority Leader, Assembly Speaker and Assembly Minority Leader. Democrat Tom Abinanti sponsored the bill in the Assembly.

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