| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Apr 21, 2025 |
referred to local government |
Senate Bill S7516
2025-2026 Legislative Session
Sponsored By
(D) 30th Senate District
Current Bill Status - In Senate Committee Local Government Committee
Actions
2025-S7516 (ACTIVE) - Details
- Current Committee:
- Senate Local Government
- Law Section:
- Real Property Tax Law
- Laws Affected:
- Amd §1805, RPT L
- Versions Introduced in Other Legislative Sessions:
-
2019-2020:
S7631
2021-2022: S593, S8097
2023-2024: S5097
2025-S7516 (ACTIVE) - Summary
Implements transfer assessments for any class one or class two parcel in any special assessing unit wholly contained within a city which has had a transfer of title within the fiscal year where the market value of such parcel, as determined by the New York city department of finance, is greater than the assessed value of such parcel.
2025-S7516 (ACTIVE) - Sponsor Memo
BILL NUMBER: S7516
SPONSOR: CLEARE
TITLE OF BILL:
An act to amend the real property tax law, in relation to implementing
transfer assessments for certain classes of property in a city with a
population of one million or more
PURPOSE:
To apply a market-valued assessment upon real properties upon their
transfer.
SUMMARY OF PROVISIONS:
Section 1 amends the Real Property Tax Law to include a new subdivision
7 to stipulate that, from 2021 onward upon the transfer of title, any
class 1 or class 2 property in a special assessing unit wholly contained
in a city shall have its market value as the basis for its assessed
value. The increase to market value assessment of the property shall
take place by thirds over three years.
2025-S7516 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
7516
2025-2026 Regular Sessions
I N S E N A T E
April 21, 2025
___________
Introduced by Sen. CLEARE -- 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 implementing
transfer assessments for certain classes of property in a city with a
population of one million or more
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Section 1805 of the real property tax law is amended by
adding a new subdivision 7 to read as follows:
7. NOTWITHSTANDING ANY PROVISION OF LAW TO THE CONTRARY, IN ANY
SPECIAL ASSESSING UNIT WHOLLY CONTAINED WITHIN A CITY, BEGINNING WITH
THE ASSESSMENT ROLL COMPLETED IN TWO THOUSAND TWENTY-SIX AND FOR EACH
SUBSEQUENT ASSESSMENT ROLL, THE ASSESSOR SHALL DETERMINE A TRANSFER
ASSESSMENT FOR ANY CLASS ONE OR CLASS TWO PARCEL WHICH HAS HAD A TRANS-
FER OF TITLE WITHIN THE FISCAL YEAR WHERE THE MARKET VALUE OF SUCH
PARCEL, AS DETERMINED BY THE NEW YORK CITY DEPARTMENT OF FINANCE, IS
GREATER THAN THE ASSESSED VALUE OF SUCH PARCEL. SUCH TRANSFER ASSESSMENT
SHALL BE APPLIED TO THE FIRST ASSESSMENT ROLL AFTER THE TRANSFER OF
TITLE OF SUCH PARCEL AND FOR EACH OF THE SUCCEEDING TWO ASSESSMENT ROLLS
BY COMPUTING DIFFERENCE OF SUCH PARCEL'S ASSESSED VALUE AND THE MARKET
VALUE, AS DETERMINED BY THE NEW YORK CITY DEPARTMENT OF FINANCE, OF SUCH
PARCEL WHEN THE TRANSFER OF THE TITLE OF SUCH PARCEL OCCURRED AND
INCREASING THE ASSESSED VALUE OF SUCH PARCEL BY ONE THIRD OF SUCH
DIFFERENCE ON EACH SUCH ASSESSMENT ROLL.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11715-01-5
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