N.Y. Town Law § 64-d: Payment in lieu of taxes for property acquired for open space purposes

§ 64-d. Payment in lieu of taxes for property acquired for open space

purposes. The town of Southampton, Suffolk county, shall have the power

and authority with respect to property acquired for open space purposes

to pay or transfer out of any town funds available to it, annual sums in

lieu of taxes to the affected taxing jurisdiction, in order that none of

such taxing jurisdictions shall suffer an inequitable loss of revenue by

virtue of such open space acquisition. The amount so paid or transferred

for any year shall not exceed the sum last levied for the benefit of

such taxing jurisdiction as an annual tax on such property prior to the

time of its acquisition for such purposes. As used in this section, the

term "taxing jurisdiction" means any municipal corporation or district

corporation, including any school district or any special district,

having the power to levy and collect taxes and benefit assessments upon

real property or in whose behalf such taxes or benefit assessments may

be levied or collected. That the payments or transfers made pursuant to

the power and authority granted herein with respect to such property

shall continue notwithstanding that the legislature of the state of New

York may hereinafter alter, modify or replace the current method of

financing of public education and notwithstanding that a court of

competent jurisdiction may hereinafter order that such method of

financing public education be altered, modified or replaced.