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Who cares
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Sponsors
No co-sponsors yet.
History
- Recommit, enacting clause stricken
- Referred to local government
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to creating a county commercial assessment ratio
Purpose
To establish in a county which has a population of more than one million four hundred thousand which is not wholly contained within a city, a commercial assessment ratio for major type B property for use in article 7 proceedings reviewing assessments of major type B commercial properties.
Summary of provisions
This bill creates a new section of the RPTL by adding section 1215 which establishes a commercial assessment ratio for major type B commercial property and amends section 720 of the RPTL permitting its use in article 7 proceedings reviewing the assessments of major type B commercial property. The provisions within the legislation are permissive and must be adopted by the County.
Justification
Many assessing units have experienced unprecedented appreciation in residential property values over the last few years while commercial property values have remained constant or have appreciated slightly. This unprecedented appreciation in residential property values has caused the state equalization rates for these assessing units to drop drastically. These enormous changes in the final state equalization rates do not accurately reflect the changes in the values of commercial property. Thus the annual establishment of state equalization rates alone in a rising residential market is creating artificial over assessment of commercial property. The commercial assessment ratio would be the market value ratio for major type B property, which is currently a component of the full value measurement used in establishing the state equalization rate for an assessing unit.
Legislative history
2004, 2005, 2007, 2008 - Passed Assembly
Fiscal implications
De minimis.
Effective date
This act shall take place immediately and shall apply beginning with the 2009 assessment roll.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.