Bill Text: NY S05674 | 2019-2020 | General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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: (Engrossed - Dead) 2020-01-22 - REFERRED TO LOCAL GOVERNMENT [S05674 Detail]
Download: New_York-2019-S05674-Introduced.html
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: (Engrossed - Dead) 2020-01-22 - REFERRED TO LOCAL GOVERNMENT [S05674 Detail]
Download: New_York-2019-S05674-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 5674 2019-2020 Regular Sessions IN SENATE May 10, 2019 ___________ 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, income capitalization or cost method for assessments to consider 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: 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 property using the 5 comparable sales, income capitalization or cost method, the following 6 shall be considered when selecting appropriate sales or rentals compara- 7 ble to the subject property: 8 1. sales or rentals of properties exhibiting similar current use or 9 the use at the time of sale in the same real estate market segment. 10 Comparable properties should include properties located in proximate 11 location to the subject property unless there is an inadequate number of 12 appropriate sales or rentals within the same market segment; and 13 2. sales or rentals of properties that are similar in age, condition, 14 current use or the use at the time of sale, type of construction, 15 location, design, physical features and economic characteristics includ- 16 ing similarities in occupancy and income generating potential. 17 § 2. This act shall take effect immediately and shall apply to assess- 18 ment rolls prepared on or after January 1, 2020. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD07560-04-9