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Sponsors
No co-sponsors yet.
History
- Referred to local government
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6749
Title of bill
An act to amend the real property tax law, in relation to creating a county commercial assessment ratio
Purpose
To establish a state commercial assessment ratio for major type B property for use in article 7 proceedings reviewing assessments of major type B commercial properties for counties.
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.
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 appreciation in residential property values has caused the state equalization rates for these assessing units to drop drastically. Therefore, the current state equalization rate does not accurately reflect the changes in the values of commercial property. The annual establishment of state equalization rates alone in a rising residential market is creating artificial over-assessment of commercial property. This bill attempts to correct this by creating a commercial assessment ratio that counties can use.
Legislative history
New bill.
Fiscal implications
Needs to be determined.
Effective date
The act shall take effect immediately and apply beginning with the 2012 assessment rolls.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.