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History
- Referred to ways and means
- Delivered to assembly
- Passed senateVote 57–2
- Ordered to third reading cal.1546
- Committee discharged and committed to rules
- 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.
Requires real property in New York City to be assessed using a fair comparative
In Assembly Committee · Ways And Means · Sponsor Dan Quart
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S7719
Title of bill
An act to amend the real property tax law, in relation to requiring real property to be assessed using a fair comparative
Purpose or general idea of bill
The purpose of this bill is to allow non-rent regulated buildings to be used as comparatives for the purposes of property assessment.
Summary of specific provisions
Section 1: Amends Real Property Tax Law section 581 to clarify that the New York City Department of Finance is not required to use rent-regulated buildings as a comparison property for assessment purposes.In addition, it defines the term "rent-regulated properties" and "comparison properties".
Justification
In New York City, many condominium units and cooperative apartments are assessed by comparing them to similar rent-regulated buildings. However, many of these units have a market value that is so high that there is not a rent-regulated building that can be used as a reasonable comparative. This bill would allow the New York City Department of Finance to use a non-rent regulated building to ensure that property assessments are not artificially deflated.
Prior legislative history
This is a new bill
Fiscal implications
None
Effective date
Immediate.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.