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A131Assembly2019-2020 Session

Update Property Assessments Regularly

Official title

“Establishes certain assessing units shall update the assessments in its jurisdiction not less than once every 5th year”

Sponsor Kevin CahillAD-103+1 co-sponsorAffects Housing
Status
In Assembly Committee
Real Property Taxation
Impact
4/10
Low
Passage
0%

Bill progress

Step 2 of 7

In committee · Real Property Taxation

What's happening

This bill requires all property assessing units in New York to update property assessments at least once every five years.

Why it matters

  1. More frequent property assessments mean that assessed property values are likely to stay closer to current market values. , which could affect property tax bills for homeowners and businesses—potentially increasing or decreasing taxes depending on market trends.

  2. Regular updates can help distribute the property tax burden more equitably. , ensuring that rapidly appreciating or depreciating properties are assessed fairly relative to their neighbors, rather than based on outdated values.

  3. Municipalities will need to allocate resources and staff for these periodic assessments. , which could lead to increased administrative costs or changes in local government budgeting and operations.

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Who cares

Headline styles

Update Property Assessments Regularly

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Kevin Cahill

Assembly Member · Assembly District 103

1 Co-sponsor

History

  1. Referred to real property taxation
  2. Referred to real property taxation

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

131

2019-2020 Regular Sessions

IN ASSEMBLY (Prefiled)

January 9, 2019

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. 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 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.

LBD01929-01-9

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.