Authorizes reassessment of real property based upon substantial change in valuation based on physical, statutory or economic conditions without affecting state aid

BILL NUMBER:S548

Title of bill

An act to amend the real property tax law, in relation to state assistance for local real property tax reassessment

Purpose

To create an incentive for municipalities to conduct a reassessment once every three years.

Summary of provisions

Section 1- amends subdivision 2 of section 1573 of the real property tax law, as amended by section 1 of part Y of chapter 56 of the laws of 2010 to provide an incentive of $15 per parcel to municipalities which conduct a reassessment once every three years.

Section 2- effective date.

Justification

This legislation seeks to address the spikes in real property values by providing an incentive to municipalities to reassess once every three years. This bill will provide the homeowner with a fixed level of assessment for three years thereby giving the taxpayer stability with respect to their assessment. It also allows three years of comparable sales to use for the determination of market value.

The Office of Real Property Services will provide a $15 per parcel aid payment to those municipalities who enter into this program voluntarily and will only be paid once every three years. This additional revenue will in turn help municipalities lower their tax rate. It allow assessors three years to do accurate assessment of property values.

Legislative history

2010: S.259 - Local Government 2009: S.259 - Local Government 2008: S.1054 - Local Government; A.1486 Real Property Taxation 2007: S.1054 - Passed Senate; A.1486 Real Property Taxation 2006: S.5981-B Finance; A.10303-A Real Property Taxation 2005: S.5981 - Rules

Fiscal implications

To be determined.

Effective date

This act shall take effect immediately.