Bill Text: NY A00894 | 2021-2022 | General Assembly | Amended

---

Bill Title: Requires 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.

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Passed) 2021-10-25 - signed chap.497 [A00894 Detail]

Download: New_York-2021-A00894-Amended.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                         894--C

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                       (Prefiled)

                                     January 6, 2021
                                       ___________

        Introduced  by M. of A. ZEBROWSKI, WOERNER, GALEF, BRABENEC -- read once
          and referred to the Committee on Real Property Taxation  --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to  said  committee  -- again reported from said committee with amend-
          ments, ordered reprinted as amended and recommitted to said  committee
          -- reported and referred to the Committee on Ways and Means -- commit-
          tee  discharged, bill amended, ordered reprinted as amended and recom-
          mitted to said committee

        AN ACT to amend the real property tax  law,  in  relation  to  requiring
          assessors using the comparable sales method for assessments to consid-
          er 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.  1. As used in this section, the following  terms  shall
     5  have the following meanings:
     6    (a) "Mixed-use property" means a property with a building or structure
     7  used for both residential and commercial purposes.
     8    (b)  "Non-residential  property"  means  a property with a building or
     9  structure used for commercial purposes.
    10    2. When determining the value of a mixed-use or non-residential  prop-
    11  erty  using  the comparable sales, income capitalization or cost method,
    12  the following shall be considered when selecting  appropriate  sales  or
    13  rentals comparable to the subject property; provided, however, that  the
    14  following  requirements  shall  apply only to assessing units other than
    15  cities having a population of one million or more:
    16    (a)  sales  or rentals of properties exhibiting similar use or the use
    17  at the time of sale in the same real estate market.  Comparable  proper-

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03993-05-1
        A. 894--C                           2

     1  ties  should  include  properties  located  in proximate location to the
     2  subject property unless there is an  inadequate  number  of  appropriate
     3  sales or rentals within the same market; and
     4    (b) sales or rentals of properties that are similar in age, condition,
     5  use  or  the  use  at  the time of sale, type of construction, location,
     6  design, physical features and economic characteristics including but not
     7  limited to similarities in occupancy and market rent.
     8    § 2. This act shall take effect immediately and shall apply to assess-
     9  ment rolls prepared on or after January 1, 2022.