New Law Affecting Tax Assessment Challenges for Properties with Payments in Lieu of Taxes (PILOTs)
At the end of 2022, legislation was passed in New York requiring a 45-day notice prior to filing a tax assessment challenge for any properties which are subject to an agreement to make Payments in Lieu of Taxes (PILOTs). Industrial Development Agencies often provide incentives in the form of exemptions from real property taxes in exchange for an agreement to pay PILOTs, which are then…