Bill Text: NY A04752 | 2019-2020 | General Assembly | Amended

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

Spectrum: Slight Partisan Bill (Democrat 3-1)

Status: (Engrossed - Dead) 2020-01-22 - REFERRED TO LOCAL GOVERNMENT [A04752 Detail]

Download: New_York-2019-A04752-Amended.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                         4752--C
                                                                Cal. No. 181

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                    February 5, 2019
                                       ___________

        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  -- reported and referred to the Committee on Ways
          and Means -- committee discharged, bill amended, ordered reprinted  as
          amended  and recommitted to said committee -- ordered to a third read-
          ing, amended and ordered reprinted, retaining its place on  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

          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, 2021.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07560-09-0