Authorizes the reassessment of real property based upon the substantial change in valuation of real property based upon physical, statutory or economic conditions, without affecting the state aid for reassessment; increases state assistance payable from $5 to $15 per parcel.
TITLE OF BILL: An act to amend the real property tax law, in relation to state assistance for local real property tax reassessment
PURPOSE: To create an incentive for municipalities to conduct a reassessment once every three years.
SUMMARY OF PROVISIONS: Section 1- amends subdivision 2 of section 1573 of the real property tax law, as amended by section 1 of part Y of chapter 56 of the laws of 2010 to provide an incentive of $15 per parcel to municipalities which conduct a reassessment once every three years.
Section 2- effective date.
JUSTIFICATION: This legislation seeks to address the spikes in real property values by providing an incentive to municipalities to reassess once every three years. This bill will provide the homeowner with a fixed level of assessment for three years thereby giving the taxpayer stability with respect to their assessment. It also allows three years of comparable sales to use for the determination of market value.
The Office of Real Property Services will provide a $15 per parcel aid payment to those municipalities who enter into this program voluntarily and will only be paid once every three years. This additional revenue will in turn help municipalities lower their tax rate. It allow assessors three years to do accurate assessment of property values.
LEGISLATIVE HISTORY: 2010: S.259 - Local Government 2009: S.259 - Local Government 2008: S.1054 - Local Government; A.1486 Real Property Taxation 2007: S.1054 - Passed Senate; A.1486 Real Property Taxation 2006: S.5981-B Finance; A.10303-A Real Property Taxation 2005: S.5981 - Rules
FISCAL IMPLICATIONS: To be determined.
EFFECTIVE DATE: This act shall take effect immediately.
STATE OF NEW YORK ________________________________________________________________________ 548 2011-2012 Regular Sessions IN SENATE (PREFILED) January 5, 2011 ___________Introduced by Sen. LITTLE -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the real property tax law, in relation to state assist- ance for local real property tax reassessment THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Paragraph (a) of subdivision 2 of section 1573 of the real property tax law, as amended by section 1 of part Y of chapter 56 of the laws of 2010, is amended to read as follows: (a) State assistance pursuant to subdivision one of this section shall be payable in an amount not to exceed
[five]FIFTEEN dollars per parcel for an assessment roll upon which a revaluation is implemented in accordance with an approved plan, and not to exceed two dollars per parcel for any assessment roll upon which a revaluation is not imple- mented in accordance with an approved plan. The amount payable on a per parcel basis shall exclude parcels which are wholly exempt or assessed by the state board. PROVIDED, THAT NO PROVISION OF THIS SUBDIVISION SHALL PROHIBIT ANY ASSESSOR FROM ADJUSTING, AT ANY TIME, THE ASSESSMENT OF ANY PARCEL THE VALUE OF WHICH HAS BEEN SUBSTANTIALLY AFFECTED BY A CHANGE IN PHYSICAL, STATUTORY OR ECONOMIC CONDITIONS, AND SUCH ADJUSTED ASSESSMENT SHALL BE DEEMED TO HAVE BEEN IN EFFECT AND SHALL BE COMPUTED AS OF THE DATE OF VALUATION BY THE ASSESSING UNIT. S 2. This act shall take effect immediately.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00152-01-1