What's happening
This bill requires all New York assessing units to update real property tax assessments at least once every five years.
Why it matters
More frequent and predictable property reassessments could result in fairer distribution of local tax burdens. , potentially correcting longstanding disparities where some property owners pay significantly more or less than their fair share due to outdated assessments.
Homeowners and businesses may see changes in their property tax bills,. as regular updates could better reflect current market values and local economic shifts; this can benefit those in declining markets but may increase taxes for those in rapidly appreciating neighborhoods.
Local governments would need to allocate resources for scheduled reassessments,. which could lead to increased administrative costs but also provide municipalities with more accurate data for budgeting and planning public services.
Standardizing reassessment intervals statewide could reduce confusion and perceived inequities between different municipalities,. helping to ensure a more uniform and transparent property tax system across New York.
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Who cares
Headline styles
Update Property Assessments Regularly
Plain English, a few words. Used as the page title.
Sponsors
2 Multi-sponsors
History
- Referred to real property taxation
- Referred to real property taxation
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
125
2017-2018 Regular Sessions
IN ASSEMBLY (Prefiled)
January 4, 2017
Introduced by M. of A. CAHILL -- Multi-Sponsored by -- M. of A. GALEF, GOTTFRIED -- read once and referred to the Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to real property tax assessments
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The real property tax law is amended by adding a new section 306 to read as follows:
§ 306. Assessment cycle. In accordance with a resolution establishing a periodic assessment cycle by the governing body of the municipal corporation and in accordance with the rules of the commissioner, every assessing unit shall update the assessments in its jurisdiction not less than once every fifth year after the effective date of this section. Such update shall be based on the valuation date, taxable status date and assessment methods and standards as provided in this title.
§ 2. This act shall take effect on the first of January next succeeding the date on which it shall have become a law; provided, however that effective immediately, the addition, amendment and/or repeal of any rule or regulation necessary for the implementation of this act on its effective date are authorized and directed to be made and completed on or before such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01636-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.