Bill Text: NY S07466 | 2013-2014 | General Assembly | Introduced

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Bill Title: Requires assessment disclosure notices in New York City to include a description of the method of assessment.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Vetoed) 2014-11-21 - VETOED MEMO.523 [S07466 Detail]

Download: New_York-2013-S07466-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         7466
                                   I N  S E N A T E
                                     May 15, 2014
                                      ___________
       Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
         printed to be committed to the Committee on Cities
       AN ACT to amend the real property tax  law,  in  relation  to  requiring
         assessment   disclosure   notices  in  New  York  city  to  include  a
         description of the method of assessment
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Subdivision 2 of section 511 of the real property tax law
    2  is amended by adding a new paragraph (c) to read as follows:
    3    (C) ASSESSMENT DISCLOSURE NOTIFICATION REQUIREMENTS; CERTAIN ASSESSING
    4  UNITS. IN A SPECIAL ASSESSING UNIT THAT IS A CITY, AN ASSESSMENT DISCLO-
    5  SURE NOTICE SHALL CONTAIN THE FOLLOWING:
    6    (I) PROPERTY IDENTIFICATION INFORMATION, INCLUDING ADDRESS, BLOCK, LOT
    7  AND TAX CLASS;
    8    (II) FOR CLASS TWO PROPERTIES, A LIST  OF  THE  COMPARABLE  PROPERTIES
    9  USED TO VALUE THE PROPERTIES;
   10    (III) THE MARKET VALUE OF THE PROPERTY;
   11    (IV) THE APPLICABLE ASSESSMENT RATIO;
   12    (V)  THE ACTUAL ASSESSED VALUE AS DETERMINED BY MULTIPLYING THE MARKET
   13  VALUE BY THE ASSESSMENT RATIO;
   14    (VI) IF AN ASSESSMENT CAP OR A TRANSITIONAL ASSESSMENT PROCESS  IS  IN
   15  USE, THE CAPPED OR TRANSITIONAL ASSESSMENT AND A DESCRIPTION OF SUCH CAP
   16  OR  TRANSITIONAL ASSESSMENT INCLUDING THE PERCENTAGES AND LENGTH OF TIME
   17  USED IN THEIR CALCULATION;
   18    (VII) A LIST OF APPLICABLE EXEMPTIONS, A DESCRIPTION OF EACH EXEMPTION
   19  AND THE AMOUNT OF EACH EXEMPTION.
   20    S 2. Subdivision 9 of section 511 of the real  property  tax  law,  as
   21  added  by  section  2  of  part  X of chapter 56 of the laws of 2010, is
   22  amended to read as follows:
   23    9. A special assessing unit THAT IS NOT A CITY shall be deemed  to  be
   24  in compliance with the provisions of this section if it provides assess-
   25  ment  disclosure  notices  to  property  owners in an alternative manner
   26  which includes, at a minimum, their tentative  assessments,  the  market
   27  values  upon  which they were based, and the applicable level of assess-
   28  ment.
   29    S 3. This act shall take effect July 1, 2015.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD14456-01-4