What's happening
This bill requires every New York assessing unit to revalue property assessments at least once every four years.
Why it matters
More frequent reassessments aim to ensure fairer property tax bills. by keeping property values up to date, which can reduce large swings in tax liability due to outdated assessments.
Homeowners and businesses could see changes in their taxes more regularly. , making it harder for property values to go unadjusted for long periods—potentially reducing the shock of sporadic, large reassessment increases.
The law could impact municipal budgets and planning. , as local governments will need to allocate resources for regular revaluations, possibly increasing administrative costs but also improving transparency and public trust in the tax system.
Regular reassessment cycles may help address inequities in tax burdens. that arise when similar properties are taxed differently due to inconsistent update schedules, benefiting both new and long-term property owners.
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
Reassess Property Values Often
Plain English, a few words. Used as the page title.
Sponsors
2 Co-sponsors
History
- Referred to ways and means
- Reported referred to ways and means
- Referred to real property taxation
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2790
2019-2020 Regular Sessions
IN ASSEMBLY
January 25, 2019
Introduced by M. of A. GALEF, CAHILL, NIOU -- read once and referred to the Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to requiring every assessing unit to conduct a revaluation of assessment at least every four years
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. Every assessing unit shall conduct a revaluation of assessments in its jurisdiction at least once every fourth year.
§ 2. This act shall take effect January 1, 2023 and shall be applicable to final assessment rolls filed on and after such date. 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.
LBD07576-02-9
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.