Senate Bill S7140A

                                 
BILL NUMBER: S7140A

SPONSOR: SANDERS
 
TITLE OF BILL:

An act to amend the real property tax law, in relation to requiring
every assessing unit to conduct a revaluation of assessment at least
every eight years

 
PURPOSE OR GENERAL IDEA OF BILL:

The purpose of this legislation is to require every assessing unit to
conduct a revaluation of assessment at least once every eight years.

 
SUMMARY OF PROVISIONS:

SECTION 1. The Real Property Tax Law is amended by adding a new section
306, which states that every assessing unit shall conduct a revaluation
of assessments in its jurisdiction at least once every eight year.

SECTION 2. Establishes the effective date.

              

 
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE):

The effective date was changed from January 1, 2025 to January 1, 2026.

 
JUSTIFICATION:

Currently, in New York State, assessing units are not required to
conduct cyclical reassessments. As a result, reassessment activity is
very inconsistent across the State. Some assessing units conduct reas-
sessments annually, while others have not reassessed since the early
part of the 20th century. The lack of consistency creates confusion
among taxpayers and inequitable assessments.

Furthermore, as indicated in the Journal of Property Tax Assessment &
Administration, Volume 7, Issue 4, over 31 states have a state law that
requires a periodic reappraisal of property. Depending on the state,
these reappraisals can range from annually to once every five years, and
they are performed by the locality or by the state. This legislation
would require that all assessing units conduct regular assessment to
ensure that properties are assessed fairly, regardless of where they are
located.

While there are costs associated with performing reassessments, some
relief may be granted through New York State's "Aid for Cyclical Reas-
sessments" program, which requires reappraisals be made at least once
every four years to meet eligibility.

Lastly, the effective date on this legislation has been set for 2025 to
allow ample time for municipalities to budget accordingly, and to ensure
that the first reassessment is successfully completed.

 
PRIOR LEGISLATIVE HISTORY

A.2790of2019/2020

A.2873 of 2017/2018

A.4375-A of 2015/2016

A.1834 of 2013/2014

A.9038 of 2011/2012

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

There is a cost associated with the passage of this legislation however
the exact figure is not known at this time.

 
EFFECTIVE DATE:
This act shall take effect January 1, 2026 and shall be applicable to
final assessment rolls filed on an after such date.