Bill Text: NY S07631 | 2019-2020 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-02-03 - REFERRED TO LOCAL GOVERNMENT [S07631 Detail]

Download: New_York-2019-S07631-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          7631

                    IN SENATE

                                    February 3, 2020
                                       ___________

        Introduced  by Sen. BENJAMIN -- 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:

     1    Section  1.  Section  1805  of the real property tax law is amended by
     2  adding a new subdivision 7 to read as follows:
     3    7. Notwithstanding any provision  of  law  to  the  contrary,  in  any
     4  special  assessing  unit  wholly contained within a city, beginning with
     5  the assessment roll completed in two thousand twenty-one  and  for  each
     6  subsequent  assessment  roll,  the  assessor  shall determine a transfer
     7  assessment for any class one or class two parcel which has had a  trans-
     8  fer  of  title  within  the  fiscal  year where the market value of such
     9  parcel, as determined by the New York city  department  of  finance,  is
    10  greater than the assessed value of such parcel. Such transfer assessment
    11  shall  be  applied  to  the  first assessment roll after the transfer of
    12  title of such parcel and for each of the succeeding two assessment rolls
    13  by computing difference of such parcel's assessed value and  the  market
    14  value, as determined by the New York city department of finance, of such
    15  parcel  when  the  transfer  of  the  title  of such parcel occurred and
    16  increasing the assessed value of  such  parcel  by  one  third  of  such
    17  difference on each such assessment roll.
    18    § 2. This act shall take effect immediately.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14959-01-0