Bill Text: NY S05674 | 2019-2020 | General Assembly | Amended


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

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2019-06-11 - SUBSTITUTED BY A4752B [S05674 Detail]

Download: New_York-2019-S05674-Amended.html



                STATE OF NEW YORK
        ________________________________________________________________________

                                         5674--A
            Cal. No. 803

                               2019-2020 Regular Sessions

                    IN SENATE

                                      May 10, 2019
                                       ___________

        Introduced  by Sens. GAUGHRAN, CARLUCCI -- read twice and ordered print-
          ed, and when printed to be committed to the Committee on Local Govern-
          ment -- reported favorably from said committee, ordered to  first  and
          second  report,  ordered  to  a third reading, substituted by Assembly
          Bill No. 4752-B,  substitution  reconsidered  and  vote  reconsidered,
          restored  to  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, 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:

     1    Section 1. The real property tax  law  is  amended  by  adding  a  new
     2  section 305-a to read as follows:
     3    §  305-a. Assessment using the comparable sales, income capitalization
     4  or cost method. When determining the value of a non-residential property
     5  using the comparable sales, income capitalization or  cost  method,  the
     6  following  shall  be  considered  when  selecting  appropriate  sales or
     7  rentals comparable to the subject property; provided, however, that  the
     8  following  requirements  shall  apply only to assessing units other than
     9  cities of one million or more:
    10    1. sales or rentals of non-residential properties  exhibiting  similar
    11  current  use  or  the  use  at  the time of sale in the same real estate
    12  market segment.  Comparable  properties  shall  include  non-residential
    13  properties  located in proximate location to the subject property unless
    14  there is an inadequate number of appropriate sales or rentals within the
    15  same market segment; and
    16    2. sales or rentals of non-residential properties that are similar  in
    17  age,  condition,  current  use  or  the use at the time of sale, type of
    18  construction, location, design, physical features and  economic  charac-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07560-07-9

        S. 5674--A                          2

     1  teristics  including  similarities  in  occupancy  and income generating
     2  potential.
     3    § 2. This act shall take effect immediately and shall apply to assess-
     4  ment rolls prepared on or after January 1, 2020.
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