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: (Introduced) 2019-06-11 - SUBSTITUTED BY A4752B [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
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