senate Bill S548

Authorizes reassessment of real property based upon substantial change in valuation based on physical, statutory or economic conditions without affecting state aid

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Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 05 / Jan / 2011
    • REFERRED TO LOCAL GOVERNMENT
  • 04 / Jan / 2012
    • REFERRED TO LOCAL GOVERNMENT

Summary

Authorizes the reassessment of real property based upon the substantial change in valuation of real property based upon physical, statutory or economic conditions, without affecting the state aid for reassessment; increases state assistance payable from $5 to $15 per parcel.

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Bill Details

Versions:
S548
Legislative Cycle:
2011-2012
Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง1573, RPT L
Versions Introduced in 2009-2010 Legislative Cycle:
S259

Sponsor Memo

BILL NUMBER:S548

TITLE OF BILL:
An act
to amend the real property tax law, in relation to state assistance for
local real property tax reassessment

PURPOSE:
To create an incentive for municipalities to conduct a reassessment
once every three years.

SUMMARY OF PROVISIONS:
Section 1- amends subdivision 2 of section 1573 of the real property
tax law, as amended by section 1 of part Y of chapter 56 of the laws
of 2010 to provide an incentive of $15 per parcel to municipalities
which conduct a reassessment once every three years.

Section 2- effective date.

JUSTIFICATION:
This legislation seeks to address the spikes in real property values
by providing an incentive to municipalities to reassess once every
three years. This bill will provide the homeowner with a fixed level
of assessment for three years thereby giving the taxpayer stability
with respect to their assessment. It also allows three years of
comparable sales to use for the determination of market value.

The Office of Real Property Services will provide a $15 per parcel aid
payment to those municipalities who enter into this program
voluntarily and will only be paid once every three years. This
additional revenue will in turn help municipalities lower their tax
rate. It allow assessors three years to do accurate assessment of
property values.

LEGISLATIVE HISTORY:
2010: S.259 - Local Government
2009: S.259 - Local Government
2008: S.1054 - Local Government; A.1486 Real Property Taxation
2007: S.1054 - Passed Senate; A.1486 Real Property Taxation
2006: S.5981-B Finance; A.10303-A Real Property Taxation
2005: S.5981 - Rules

FISCAL IMPLICATIONS:
To be determined.

EFFECTIVE DATE:
This act shall take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   548

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  Sen.  LITTLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Local Government

AN ACT to amend the real property tax law, in relation to state  assist-
  ance for local real property tax reassessment

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Paragraph (a) of subdivision 2 of section 1573 of the  real
property tax law, as amended by section 1 of part Y of chapter 56 of the
laws of 2010, is amended to read as follows:
  (a) State assistance pursuant to subdivision one of this section shall
be  payable in an amount not to exceed [five] FIFTEEN dollars per parcel
for an assessment roll  upon  which  a  revaluation  is  implemented  in
accordance  with  an  approved  plan,  and not to exceed two dollars per
parcel for any assessment roll upon which a revaluation  is  not  imple-
mented  in accordance with an approved plan. The amount payable on a per
parcel basis shall exclude parcels which are wholly exempt  or  assessed
by  the  state  board.   PROVIDED, THAT NO PROVISION OF THIS SUBDIVISION
SHALL PROHIBIT ANY ASSESSOR FROM ADJUSTING, AT ANY TIME, THE  ASSESSMENT
OF  ANY  PARCEL  THE VALUE OF WHICH HAS BEEN SUBSTANTIALLY AFFECTED BY A
CHANGE IN PHYSICAL, STATUTORY OR ECONOMIC CONDITIONS, AND SUCH  ADJUSTED
ASSESSMENT  SHALL BE DEEMED TO HAVE BEEN IN EFFECT AND SHALL BE COMPUTED
AS OF THE DATE OF VALUATION BY THE ASSESSING UNIT.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD00152-01-1

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