Assembly Bill A5288

2011-2012 Legislative Session

Relates to the assessment of real property

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions

co-Sponsors

multi-Sponsors

2011-A5288 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd ยง581-a, RPT L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5572
2013-2014: A6668
2015-2016: A7195
2017-2018: A7115
2019-2020: A5598
2021-2022: A4838

2011-A5288 (ACTIVE) - Summary

Relates to the assessment of real property; provides that the assessed valuation of real property used for residential rental purposes may be determined using the actual net income; makes related provisions.

2011-A5288 (ACTIVE) - Bill Text download pdf

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

                                  5288

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 15, 2011
                               ___________

Introduced by M. of A. OAKS, BARCLAY, KOLB, MONTESANO -- Multi-Sponsored
  by  --  M. of A.  McDONOUGH, SALADINO -- read once and referred to the
  Committee on Real Property Taxation

AN ACT to amend the real property tax law, in relation to the assessment
  of residential real property

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

  Section  1.  Section  581-a  of the real property tax law, as added by
chapter 714 of the laws of 2005, is amended to read as follows:
  S 581-a. Assessment of residential real property. Notwithstanding  any
other provision of law, the assessed valuation of real property used for
residential  rental  purposes where at least twenty percent of the resi-
dential units are subject to  an  agreement  with  a  municipality,  the
state,  the  federal  government,  or  an instrumentality thereof, which
agreement restricts occupancy of those units to tenants who  qualify  in
accordance  with  an  income  test,  [shall] MAY be determined using the
income approach as applied to the actual  net  operating  income,  after
deducting  for  reserves  required  by  any  federal, state or municipal
programs. For the purposes of this section "net operating income"  shall
mean the actual or anticipated net income that remains after all operat-
ing  expenses are deducted from effective gross income, but before mort-
gage debt service and book depreciation are deducted. The assessed valu-
ation of real property used for such residential rental purposes [shall]
MAY be determined using the actual net operating income,  and,  IF  SUCH
OPTION  IS  EXERCISED,  shall  not  include  federal, state or municipal
income tax credits, subsidized mortgage financing,  or  project  grants,
where  such subsidies are used to offset the project development cost in
order to provide for lower initial rents as  determined  by  regulations
promulgated by the division of housing and community renewal.
  S 2. This act shall take effect immediately.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD04294-01-1

              

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.