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

Current Bill Status - In Senate Committee Rules Committee


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

Your Voice

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

view actions (9)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 20, 2019 committed to rules
Jun 14, 2019 amended on third reading (t) 5674a
Jun 14, 2019 vote reconsidered - restored to third reading
substitution reconsidered
Jun 11, 2019 substituted by a4752b
May 22, 2019 advanced to third reading
May 21, 2019 2nd report cal.
May 20, 2019 1st report cal.803
May 10, 2019 referred to local government

Votes

view votes

May 20, 2019 - Local Government committee Vote

S5674
4
0
committee
4
Aye
0
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show committee vote details

Committee Vote: May 20, 2019

aye wr (3)

Co-Sponsors

S5674 - Details

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

S5674 - Summary

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

S5674 - Sponsor Memo

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

S5674A (ACTIVE) - Details

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

S5674A (ACTIVE) - Summary

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

S5674A (ACTIVE) - Sponsor Memo

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

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. 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.