Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Oct 25, 2021 |
signed chap.497 |
Oct 13, 2021 |
delivered to governor |
Jun 03, 2021 |
returned to assembly passed senate 3rd reading cal.757 substituted for s5715a |
Jun 03, 2021 |
substituted by a894c |
May 20, 2021 |
amended on third reading 5715a |
Apr 28, 2021 |
advanced to third reading |
Apr 27, 2021 |
2nd report cal. |
Apr 26, 2021 |
1st report cal.757 |
Mar 16, 2021 |
referred to local government |
Senate Bill S5715A
Signed By Governor2021-2022 Legislative Session
Sponsored By
(D) Senate District
Archive: Last Bill Status Via A894 - 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
Actions
Votes
Bill Amendments
2021-S5715 - Details
2021-S5715 - Sponsor Memo
BILL NUMBER: S5715 SPONSOR: GAUGHRAN TITLE OF BILL: An act to amend the real property tax law, in relation to requiring assessors using the comparable sales 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 SPECIFIC 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 in assessing the value of mixed-use and nonresidential property. This section shall not apply to New York City.
2021-S5715 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5715 2021-2022 Regular Sessions I N S E N A T E March 16, 2021 ___________ 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 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 (B) 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.
2021-S5715A (ACTIVE) - Details
2021-S5715A (ACTIVE) - Sponsor Memo
BILL NUMBER: S5715A SPONSOR: GAUGHRAN TITLE OF BILL: An act to amend the real property tax law, in relation to requiring assessors using the comparable sales 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 SPECIFIC 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 in assessing the value of mixed-use and nonresidential property. This section shall not apply to New York City.
2021-S5715A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5715--A Cal. No. 757 2021-2022 Regular Sessions I N S E N A T E March 16, 2021 ___________ Introduced by Sen. GAUGHRAN -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government -- reported favorably from said committee, ordered to first and second report, ordered to a 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 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- TIES 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; AND EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted.
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. 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.
Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.