New York S 8489: Establishes a real property tax freeze credit

Bill Text

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S08489 Summary:

BILL NOS08489 

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SAME ASNo Same As

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SPONSORWEBER

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COSPNSRBORRELLO, CANZONERI-FITZPATRICK, CHAN, OBERACKER, O'MARA, PALUMBO, TEDISCO

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MLTSPNSR

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Amd §606, Tax L; add §2023-c, Ed L

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Establishes a real property tax freeze credit for taxpayers in certain eligible school districts.

Go to top S08489 Actions:

BILL NOS08489 

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08/22/2025REFERRED TO RULES

01/07/2026REFERRED TO BUDGET AND REVENUE

03/19/2026NOTICE OF COMMITTEE CONSIDERATION - REQUESTED

Go to topS08489 Committee&nbspVotes:

Go to topS08489 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS08489 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 8489

 2025-2026 Regular Sessions

 IN SENATE

 August 22, 2025
 ___________

 Introduced by Sen. WEBER -- read twice and ordered printed, and when
 printed to be committed to the Committee on Rules

 AN ACT to amend the tax law and the education law, in relation to estab-
 lishing a real property tax freeze credit

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Section 606 of the tax law is amended by adding a new
 2 subsection (bbb) to read as follows:
 3 (bbb) Real property tax freeze credit. (1) As used in this subsection:
 4 (A) "Freeze-compliant budget" means a budget of a taxing jurisdiction
 5 that has met the requirements of section two thousand twenty-three-b of
 6 the education law or section three-d of the general municipal law,
 7 whichever is applicable.
 8 (B) "Independent special district" and "dependent school district"
 9 have the same meaning as set forth in section three-d of the general
 10 municipal law.
 11 (C) "STAR exemption" means the school tax relief exemption authorized
 12 by section four hundred twenty-five of the real property tax law.
 13 (D) "STAR credit" means the school tax relief credit authorized by
 14 subsection (eee) of this section.
 15 (E) "Taxing jurisdiction" means a county, city, town, village, school
 16 district or an independent special district, except that such term shall
 17 not include a city with a population of one million or more, nor shall
 18 it include a county wholly located within such a city.
 19 (F) "Levy credit factor" means the allowable levy growth factor for a
 20 taxing jurisdiction, as determined pursuant to section three-c of the
 21 general municipal law or section two thousand twenty-three-a of the
 22 education law, minus one.
 23 (2) An individual taxpayer who meets the eligibility standards set
 24 forth in paragraph three of this subsection and whose primary residence
 25 is located in a taxing jurisdiction that has a freeze-compliant budget

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD13625-02-5

 S. 8489 2

 1 for the fiscal year starting in two thousand twenty-six, two thousand
 2 twenty-seven and two thousand twenty-eight shall be allowed a credit
 3 against the taxes imposed by this article. Subject to the provisions of
 4 paragraph six of this subsection, such credit shall be determined as
 5 follows:
 6 (A) If a school district other than a dependent school district has a
 7 freeze-compliant budget for its fiscal year starting in two thousand
 8 twenty-six, a credit shall be allowed for the eligible taxpayer's two
 9 thousand twenty-six taxable year in the amount that is the greater of
 10 the amount by which the real property taxes imposed upon such residence
 11 by or on behalf of that school district for the fiscal year starting in
 12 two thousand twenty-six exceeds the real property taxes so imposed for
 13 the fiscal year starting in two thousand twenty-five, or the product of
 14 the real property taxes imposed upon such residence by or on behalf of
 15 that school district for the fiscal year starting in two thousand twen-
 16 ty-five multiplied by the levy credit factor for that school district
 17 for the fiscal year starting in two thousand twenty-six.
 18 (B) If a taxing jurisdiction, other than a school district or a city
 19 with a dependent school district, has a freeze-compliant budget for its
 20 fiscal year starting in two thousand twenty-seven, a credit shall be
 21 allow