Requires real property to be assessed at least every five years

BILL NUMBER:A9245

Title of bill

An act to amend the real property tax law, in relation to requiring real property to be assessed at least once every five years

Purpose

To provide municipalities with accurate real property assessment and to keep more stable assessments.

Summary of provisions

Section one of section 305 of the real property tax law is amended a new subdivision 4

Justification

There is no state law requiring municipalities to assess property in a timely and predictable manner. Instead, municipalities often delay reassessments until they are required to reassess under court order or for other reasons. When municipalities are forced to reassess under such conditions it can create a lot of anxiety over potentially steep increases in assessments for some property owners. This often creates difficult conditions for assessors and increases the likelihood of legal challenges and grievances. A statutory cycle for the valuation of real property should help reduce uncertainties and anxieties of property owners and make the job of reassessment easier for municipalities. This will also allow municipalities to have updated assessment data and reduce the likelihood of wide discrepancies in assessments of similar properties in our communities.

Legislative history

New Bill.

Fiscal implications

None.

Effective date

This act shall take effect immediately.