§ 546. State aid; loss of certain public utility property. 1. State\naid shall be payable to any tax district, as defined in subdivision\nseven of this section, when on any assessment roll the taxable assessed\nvaluation in such district is decreased in any year by an amount equal\nto or in excess of ten percent of the total taxable assessed valuation\non the latest preceding assessment roll because of the removal from such\nassessment roll of taxable real property of a public utility company, as\ndefined in section two of the public service law, as a direct or\nindirect consequence of the surrender of any license, franchise, permit\nor authorization of such utility company where the undertaking or\nentering into of any project, operation, activity or contract actually\nundertaken or entered into by the state or any state agency or any\nauthority or commission created or continued under the public\nauthorities law is by any law or regulation of this state or of the\nUnited States specifically conditioned upon such surrender.\n 2. The state aid payable to a tax district in the first year in which\nthere is a decrease in taxable assessed valuation as a result of the\nremoval from the assessment roll described in subdivision one of this\nsection shall be equal to eighty per cent of the total amount of taxes\nwhich would have been levied on the assessed valuation so removed at the\ntax rate for the year preceding such removal, from which state aid shall\nbe subtracted an amount equal to the amount of taxes which would have\nbeen levied at the tax rate for the preceding year on the excess of (i)\nthe total taxable assessed valuation of the new property assessed on the\nassessment roll on which the decrease in assessed valuation occurs over\n(ii) one percent of the total assessed valuation of taxable property on\nthe latest preceding assessment roll. In the next three succeeding years\nstate aid payable to such tax district shall be equal to sixty per cent,\nforty per cent and twenty per cent, respectively, of the total amount of\ntaxes which would have been levied on the assessed valuation removed as\ndescribed in subdivision one of this section at the tax rate for the\nyear preceding such removal from which state aid shall be subtracted an\namount equal to the amount of taxes which would have been levied at the\ntax rate for the latest preceding year on the excess of (i) the total\ntaxable assessed valuation of the new property assessed on the\nassessment roll on which taxes are levied for the fiscal year in which\nthe aid is payable over (ii) one percent of the total assessed valuation\nof taxable property on the assessment roll preceding the removal from\nthe assessment roll described in subdivision one of this section\nmultiplied by the number of fiscal years for which the tax district has\nreceived state aid under this section including the then current year.\n 3. In the case of a school district, the state aid payable under this\nsection shall be reduced by an amount equal to the amount of additional\nstate aid which is payable to such school district under any other laws\ndirectly or indirectly as a result of the decrease in full valuation\ncaused by the removal from the assessment roll described in subdivision\none of this section.\n 4. In making computations and determinations pursuant to this section,\nthere shall be taken into account increases or decreases in the level of\nassessment.\n 5. The chief fiscal officer of a tax district which qualifies for\nstate aid pursuant to this section shall make application therefor to\nthe commissioner. The application shall be made on a form prescribed by\nsuch commissioner and shall contain such information as the commissioner\nshall require. Upon approval of the application therefor by the\ncommissioner, such state aid shall be paid upon audit and warrant by the\nstate comptroller.\n 6. The term "new property" as used in this section shall mean the real\nproperty which was as
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.