Assembly Bill A894

Signed By Governor
2021-2022 Legislative Session

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

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Sponsored By

Archive: Last Bill Status - Signed by Governor

  • 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

2021-A894 - Details

Law Section:
Real Property Tax Law
Laws Affected:
Add §305-a, RPT L
Versions Introduced in 2019-2020 Legislative Session:
A4752

2021-A894 - Summary

Requires 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.

2021-A894 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    894
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by M. of A. ZEBROWSKI, WOERNER, GALEF, BRABENEC -- read once
   and referred to the Committee on Real Property Taxation
 
 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-
 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, 2022.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

co-Sponsors

2021-A894A - Details

Law Section:
Real Property Tax Law
Laws Affected:
Add §305-a, RPT L
Versions Introduced in 2019-2020 Legislative Session:
A4752

2021-A894A - Summary

Requires 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.

2021-A894A - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  894--A
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by M. of A. ZEBROWSKI, WOERNER, GALEF, BRABENEC -- read once
   and referred to the Committee on Real Property Taxation  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to said committee

 AN  ACT  to  amend  the  real property tax law, in relation to requiring
   assessors using the comparable sales method for assessments to consid-
   er 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, 2022.
 

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03993-02-1

co-Sponsors

2021-A894B - Details

Law Section:
Real Property Tax Law
Laws Affected:
Add §305-a, RPT L
Versions Introduced in 2019-2020 Legislative Session:
A4752

2021-A894B - Summary

Requires 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.

2021-A894B - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  894--B
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by M. of A. ZEBROWSKI, WOERNER, GALEF, BRABENEC -- read once
   and referred to the Committee on Real Property Taxation  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to  said  committee  -- again reported from said committee with amend-
   ments, ordered reprinted as amended and recommitted to said committee
 
 AN ACT to amend the real property tax  law,  in  relation  to  requiring
   assessors using the comparable sales method for assessments to consid-
   er 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.  1. AS USED IN THIS SECTION, THE FOLLOWING  TERMS  SHALL
 HAVE THE FOLLOWING MEANINGS:
   (A) "MIXED-USE PROPERTY" MEANS A PROPERTY WITH A BUILDING OR STRUCTURE
 USED FOR BOTH RESIDENTIAL AND COMMERCIAL PURPOSES.
   (B)  "NON-RESIDENTIAL  PROPERTY"  MEANS  A PROPERTY WITH A BUILDING OR
 STRUCTURE USED FOR COMMERCIAL PURPOSES.
   2. WHEN DETERMINING THE VALUE OF A MIXED-USE OR NON-RESIDENTIAL  PROP-
 ERTY  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 HAVING A POPULATION OF ONE MILLION OR MORE:
   (A)  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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

co-Sponsors

2021-A894C (ACTIVE) - Details

Law Section:
Real Property Tax Law
Laws Affected:
Add §305-a, RPT L
Versions Introduced in 2019-2020 Legislative Session:
A4752

2021-A894C (ACTIVE) - Summary

Requires 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.

2021-A894C (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  894--C
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 6, 2021
                                ___________
 
 Introduced  by M. of A. ZEBROWSKI, WOERNER, GALEF, BRABENEC -- read once
   and referred to the Committee on Real Property Taxation  --  committee
   discharged, bill amended, ordered reprinted as amended and recommitted
   to  said  committee  -- again reported from said committee with amend-
   ments, ordered reprinted as amended and recommitted to said  committee
   -- reported and referred to the Committee on Ways and Means -- commit-
   tee  discharged, bill amended, ordered reprinted as amended and recom-
   mitted to said committee
 
 AN ACT to amend the real property tax  law,  in  relation  to  requiring
   assessors using the comparable sales method for assessments to consid-
   er 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.  1. AS USED IN THIS SECTION, THE FOLLOWING  TERMS  SHALL
 HAVE THE FOLLOWING MEANINGS:
   (A) "MIXED-USE PROPERTY" MEANS A PROPERTY WITH A BUILDING OR STRUCTURE
 USED FOR BOTH RESIDENTIAL AND COMMERCIAL PURPOSES.
   (B)  "NON-RESIDENTIAL  PROPERTY"  MEANS  A PROPERTY WITH A BUILDING OR
 STRUCTURE USED FOR COMMERCIAL PURPOSES.
   2. WHEN DETERMINING THE VALUE OF A MIXED-USE OR NON-RESIDENTIAL  PROP-
 ERTY  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 HAVING A POPULATION OF ONE MILLION OR MORE:
   (A)  SALES  OR RENTALS OF PROPERTIES EXHIBITING SIMILAR USE OR THE USE
 AT THE TIME OF SALE IN THE SAME REAL ESTATE MARKET.  COMPARABLE  PROPER-
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

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