NY State Senate Bill 2019-S5674

Senate Bill S5674

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

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 08, 2020	referred to local government
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

- May 20, 2019 - Local Government Committee Vote
  S5674
  
  4
  
  Aye
  
  0
  
  Nay
  
  3
  
  Aye with Reservations
  
  0
  
  Absent
  
  0
  
  Excused
  
  0
  
  Abstained
  - - Local Government Committee Vote: May 20, 2019
      
      aye (4)
      
      Gaughran
      
      Harckham
      
      Metzger
      
      Skoufis
      
      aye wr (3)
      
      Amedore
      
      Brooks
      
      Ritchie

Bill Amendments

Original

A (Active)

co-Sponsors

2019-S5674 - Details

See Assembly Version of this Bill:: A4752
Current Committee:: Senate Local Government
Law Section:: Real Property Tax Law
Laws Affected:: Add §305-a, RPT L
Versions Introduced in 2021-2022 Legislative Session:: A894

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

                                
 
BILL NUMBER: S5674

SPONSOR: GAUGHRAN
 
TITLE OF BILL:  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

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would provide guidelines for assessors using the comparable
sales; income capitalization, or cost method.

 
SUMMARY OF PROVISIONS:

Section one of the bill amends the real property tax law, by adding a
new section 305-a as it relates to establishing guidelines for using the
comparable sales, income capitalization or cost method in assessing the
value of property.

Section two of the bill relates to the effective date.

 
JUSTIFICATION:

This bill will provide clear guidance, to assessors when using the
comparable sales, income capitalization or cost method. The comparable
sales, income capitalization or cost methods use sales data of similar
properties to develop a value. There have been numerous court cases
where property owners are challenging their, assessment using sales data
of properties which are not similar in use, type or location. The courts
have differed with their evaluation of opposing assessments in such
challenges due to the lack of guidance in statute. They are forced to
make decisions on the validity of assessment reports from the munici-
pality and property owner based on precedent of previous rulings and
general practice. This bill ensures there are clear and unambiguous
guidelines for assessments that use the comparable sales method.

 
PRIOR LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately and apply to assessment rolls
prepared on and after January 1, 2020.

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

See Assembly Version of this Bill:: A4752
Current Committee:: Senate Local Government
Law Section:: Real Property Tax Law
Laws Affected:: Add §305-a, RPT L
Versions Introduced in 2021-2022 Legislative Session:: A894

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

                                
 
BILL NUMBER: S5674A

SPONSOR: GAUGHRAN
 
TITLE OF BILL:  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

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would provide guidelines for assessors using the comparable
Sales, income capitalization, or cost method for non-residential proper-
ties outside of New York City.

 
SUMMARY OF PROVISIONS:

Section one of the bill amends the real property tax law, by adding a
new section 305-a as it relates to establishing guidelines for using the
comparable sales, income capitalization or cost method in assessing the
value of non-residential property outside of New York City.

Section two of the bill relates to the effective date.

 
JUSTIFICATION:

This bill will provide clear guidance, to assessors when using the
comparable sales, income capitalization or cost method when assessing
nonresidential properties outside of New York City. The comparable
sales, income capitalization or cost methods use sales data of similar
properties to develop a value. There have been numerous court cases
where property owners are challenging their, assessment using sales data
of properties which are not similar in use, type or location.  The
courts have differed with their evaluation of opposing assessments in
such challenges due to the lack of guidance in statute. They are forced
to make decisions on the validity of assessment reports from the munici-
pality and property owner based on precedent of previous rulings and
general practice. This bill ensures there are clear and unambiguous
guidelines for assessments that use the comparable sales method.

 
PRIOR LEGISLATIVE HISTORY:

New bill.

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

None.

 
EFFECTIVE DATE:
This act shall take effect immediately and apply to assessment rolls
prepared on and after January 1, 2020.

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

                       [ ] is old law to be omitted.
                                                            LBD07560-07-9

 S. 5674--A                          2
 
 TERISTICS  INCLUDING  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.

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Senate Bill S5674

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Sponsored By

James Gaughran

Archive: Last Bill Status - In Senate Committee Local Government Committee

Bill Amendments

co-Sponsors

David Carlucci

2019-S5674 - Details

2019-S5674 - Summary

2019-S5674 - Sponsor Memo

2019-S5674 - Bill Text download pdf

co-Sponsors

David Carlucci

2019-S5674A (ACTIVE) - Details

2019-S5674A (ACTIVE) - Summary

2019-S5674A (ACTIVE) - Sponsor Memo

2019-S5674A (ACTIVE) - Bill Text download pdf

Comments