Assembly Bill A4838

2021-2022 Legislative Session

Provides that the assessed valuation of real property used for residential rental purposes may be determined using the actual net income

download bill text pdf

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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

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2021-A4838 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §581-a, RPT L
Versions Introduced in Other Legislative Sessions:
2009-2010: A5572
2011-2012: A5288
2013-2014: A6668
2015-2016: A7195
2017-2018: A7115
2019-2020: A5598

2021-A4838 (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.

2021-A4838 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4838
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 8, 2021
                                ___________
 
 Introduced  by  M.  of  A.  MANKTELOW  --  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:
   § 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.
   § 2. This act shall take effect immediately.

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08457-01-1

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