What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to local government
- Referred to local government
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Provides for transition assessment for a parcel classified in class three in New York City
In Assembly Committee · Real Property Taxation · Sponsor Dan Quart
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5736
Title of bill
An act to amend the real property tax law, in relation to transition assessments for class three parcels in the city of New York
Purpose or general idea of bill
To provide for a phase-in of any changes in assessment for parcels classified in the utility class (class 3) in New York City.
Summary of specific provisions
Amends Section 1805 of the Real Property Tax Law to provide for a five-year phase-in of any assessment increases resulting from changes in market value for parcels classified in class three (utility class).
Justification
The New York City real property tax structure is comprised of two main mechanisms to moderate changes in assessed value from year-to-year. For most properties in New York City (Class 2 & Class 4), changes in market value, and ultimately assessments and the resulting tax bills, are phased-in over a five-year period of time. For small residential properties (Class 1), there are caps on assessment growth to minimize annual assessment changes upwards or downwards. Approximately 94% of New York City's taxable assessed value derives from properties that benefit from one of these two stabilizing mechanisms.
Unlike the other classes, Class 3 (utility property) is not provided with such a stabilizing mechanism and is subject to annual spikes in market value and subsequent spikes in tax liability. It is the only Class that recognizes the full change in market value in the year it occurs and energy customers subsequently absorb such sudden increases in utility bills.
This proposed legislation would provide Class 3 properties with the stabilization protections provided to properties in the other classes by enabling a five-year phase-in of assessment changes. Doing so would protect energy customers from sudden spikes in energy costs resulting from rapid changes in a public utility's property tax liability.
Prior legislative history
New bill
Effective date
Immediately and applicable to assessment rolls with a taxable status date following its effective date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.