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S03953 Summary:

Amd 3602, Ed L
Provides that actual valuation, for state school aid purposes, shall be based on the calendar year in which the base year commenced.
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S03953 Text:

                STATE OF NEW YORK
                               2017-2018 Regular Sessions
                    IN SENATE
                                    January 31, 2017
        Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
          printed to be committed to the Committee on Education  --  recommitted
          to the Committee on Education in accordance with Senate Rule 6, sec. 8
          --  committee  discharged,  bill amended, ordered reprinted as amended
          and recommitted to said committee

        AN ACT to amend the education law, in relation to actual  valuation  for
          state education aid purposes
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Paragraph c of subdivision 1 of section 3602 of the  educa-
     2  tion  law,  as amended by section 11 of part B of chapter 57 of the laws
     3  of 2007, is amended to read as follows:
     4    c. "Actual valuation" shall mean the valuation of taxable real proper-
     5  ty in a school district obtained by taking  the  assessed  valuation  of
     6  taxable  real  property  within  such  district  as  it appears upon the
     7  assessment roll of the town, city, village,  or  county  in  which  such
     8  property  is  located,  for  the  calendar  year [two years prior to the
     9  calendar year] in which the  base  year  commenced,  after  revision  as
    10  provided  by  law,  and  dividing  it  by the state equalization rate as
    11  determined by the state board of equalization and  assessment,  for  the
    12  assessment  roll of such town, city, village, or county completed during
    13  such preceding calendar year. The actual valuation  of  a  central  high
    14  school  district  shall  be  the sum of such valuations of its component
    15  districts. Such actual valuation  shall  include  any  actual  valuation
    16  equivalent  of  payments in lieu of taxes determined pursuant to section
    17  four hundred eighty-five of the real property tax law. "Selected  actual
    18  valuation"  shall mean the lesser of actual valuation calculated for aid
    19  payable in the current year or the two-year average of the actual  valu-
    20  ation  calculated  for  aid  payable  in the current year and the actual
    21  valuation calculated for aid payable in the base year.
    22    § 2. This act shall take effect July 1, 2018.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
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