Senate Bill S5674A

2019-2020 Legislative Session

Requires assessors using the comparable sales method for assessments to consider certain comparable properties in formulating the assessment

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Local Government 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

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Bill Amendments

co-Sponsors

2019-S5674 - Details

Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Add §305-a, RPT L

2019-S5674 - Summary

Requires assessors using the comparable sales method for assessments to consider certain comparable properties in formulating the assessment.

2019-S5674 - Sponsor Memo

2019-S5674 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5674
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               May 10, 2019
                                ___________
 
 Introduced  by Sen. GAUGHRAN -- 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  requiring
   assessors  using  the  comparable sales, income capitalization or cost
   method for assessments to consider certain  comparable  properties  in
   formulating the assessment
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The real property tax  law  is  amended  by  adding  a  new
 section 305-a to read as follows:
   §  305-A. ASSESSMENT USING THE COMPARABLE SALES, INCOME CAPITALIZATION
 OR COST METHOD. WHEN DETERMINING THE  VALUE  OF  A  PROPERTY  USING  THE
 COMPARABLE  SALES,  INCOME  CAPITALIZATION OR COST METHOD, THE FOLLOWING
 SHALL BE CONSIDERED WHEN SELECTING APPROPRIATE SALES OR RENTALS COMPARA-
 BLE TO THE SUBJECT PROPERTY:
   1. SALES OR RENTALS OF PROPERTIES EXHIBITING SIMILAR  CURRENT  USE  OR
 THE  USE  AT  THE  TIME  OF SALE IN THE SAME REAL ESTATE MARKET SEGMENT.
 COMPARABLE PROPERTIES SHOULD INCLUDE  PROPERTIES  LOCATED  IN  PROXIMATE
 LOCATION TO THE SUBJECT PROPERTY UNLESS THERE IS AN INADEQUATE NUMBER OF
 APPROPRIATE SALES OR RENTALS WITHIN THE SAME MARKET SEGMENT; AND
   2.  SALES OR RENTALS OF PROPERTIES THAT ARE SIMILAR IN AGE, CONDITION,
 CURRENT USE OR THE USE AT  THE  TIME  OF  SALE,  TYPE  OF  CONSTRUCTION,
 LOCATION, DESIGN, PHYSICAL FEATURES AND ECONOMIC CHARACTERISTICS INCLUD-
 ING SIMILARITIES IN OCCUPANCY AND INCOME GENERATING POTENTIAL.
   § 2. This act shall take effect immediately and shall apply to assess-
 ment rolls prepared on or after January 1, 2020.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD07560-04-9



              

co-Sponsors

2019-S5674A (ACTIVE) - Details

Current Committee:
Senate Local Government
Law Section:
Real Property Tax Law
Laws Affected:
Add §305-a, RPT L

2019-S5674A (ACTIVE) - Summary

Requires assessors using the comparable sales method for assessments to consider certain comparable properties in formulating the assessment.

2019-S5674A (ACTIVE) - Sponsor Memo

2019-S5674A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5674--A
     Cal. No. 803
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                               May 10, 2019
                                ___________
 
 Introduced  by Sens. GAUGHRAN, CARLUCCI -- read twice and ordered print-
   ed, and when printed to be committed to the Committee on Local Govern-
   ment -- reported favorably from said committee, ordered to  first  and
   second  report,  ordered  to  a third reading, substituted by Assembly
   Bill No. 4752-B,  substitution  reconsidered  and  vote  reconsidered,
   restored  to  third  reading, amended and ordered reprinted, retaining
   its place in the order of third reading
 
 AN ACT to amend the real property tax  law,  in  relation  to  requiring
   assessors  using  the  comparable sales, income capitalization or cost
   method for assessments to consider certain  comparable  properties  in
   formulating the assessment of non-residential properties
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The real property tax  law  is  amended  by  adding  a  new
 section 305-a to read as follows:
   §  305-A. ASSESSMENT USING THE COMPARABLE SALES, INCOME CAPITALIZATION
 OR COST METHOD. WHEN DETERMINING THE VALUE OF A NON-RESIDENTIAL PROPERTY
 USING THE COMPARABLE SALES, INCOME CAPITALIZATION OR  COST  METHOD,  THE
 FOLLOWING  SHALL  BE  CONSIDERED  WHEN  SELECTING  APPROPRIATE  SALES OR
 RENTALS COMPARABLE TO THE SUBJECT PROPERTY; PROVIDED, HOWEVER, THAT  THE
 FOLLOWING  REQUIREMENTS  SHALL  APPLY ONLY TO ASSESSING UNITS OTHER THAN
 CITIES OF ONE MILLION OR MORE:
   1. SALES OR RENTALS OF NON-RESIDENTIAL PROPERTIES  EXHIBITING  SIMILAR
 CURRENT  USE  OR  THE  USE  AT  THE TIME OF SALE IN THE SAME REAL ESTATE
 MARKET SEGMENT.  COMPARABLE  PROPERTIES  SHALL  INCLUDE  NON-RESIDENTIAL
 PROPERTIES  LOCATED IN PROXIMATE LOCATION TO THE SUBJECT PROPERTY UNLESS
 THERE IS AN INADEQUATE NUMBER OF APPROPRIATE SALES OR RENTALS WITHIN THE
 SAME MARKET SEGMENT; AND
   2. SALES OR RENTALS OF NON-RESIDENTIAL PROPERTIES THAT ARE SIMILAR  IN
 AGE,  CONDITION,  CURRENT  USE  OR  THE USE AT THE TIME OF SALE, TYPE OF
 CONSTRUCTION, LOCATION, DESIGN, PHYSICAL FEATURES AND  ECONOMIC  CHARAC-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

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