Requires assessment disclosure notices in New York City to include a description of the method of assessment.
TITLE OF BILL: An act to amend the real property tax law, in relation to requiring assessment disclosure notices in New York city to include a description of the method of assessment
PURPOSE OR GENERAL IDEA OF BILL: To ensure that all New York City residents are notified of the method used to assess their property.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 amends subdivision 2 of section 511 of the real property tax law by adding new paragraph (c) which will require a description of how a property assessment was performed, including the details of any Properties used as comparatives.
Section 2 amends subdivision 9 of 511 of the real property tax law by amending by part x of chapter 56 of the laws of 2010 to determine that any special assessing unit that is not a city shall be in compliance with the Provisions.
Section 3 contains the effective date.
JUSTIFICATION: Assessment procedures for real property are both complicated and opaque. Providing a more detailed Notice of Property Value from the Department of Finance to New York City homeowners will give them access to the information they need .to determine whether their property has been assessed fairly.
PRIOR LEGISLATIVE HISTORY: New legislation.
FISCAL IMPLICATIONS: None.
EFFECTIVE DATE: This act shall take effect July 1, 2014.
STATE OF NEW YORK ________________________________________________________________________ 5772 2013-2014 Regular Sessions IN SENATE June 13, 2013 ___________Introduced by Sen. KLEIN -- read twice and ordered printed, and when printed to be committed to the Committee on Cities AN ACT to amend the real property tax law, in relation to requiring assessment disclosure notices in New York city to include a description of the method of assessment THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 2 of section 511 of the real property tax law is amended by adding a new paragraph (c) to read as follows: (C) ASSESSMENT DISCLOSURE NOTIFICATION REQUIREMENTS; CERTAIN ASSESSING UNITS. IN A SPECIAL ASSESSING UNIT THAT IS A CITY, AN ASSESSMENT DISCLO- SURE NOTICE SHALL CONTAIN THE FOLLOWING: (I) PROPERTY IDENTIFICATION INFORMATION, INCLUDING ADDRESS, BLOCK, LOT AND TAX CLASS; (II) FOR CLASS TWO PROPERTIES, A LIST OF THE COMPARABLE PROPERTIES USED TO VALUE THE PROPERTIES; (III) THE MARKET VALUE OF THE PROPERTY; (IV) THE APPLICABLE ASSESSMENT RATIO; (V) THE ACTUAL ASSESSED VALUE AS DETERMINED BY MULTIPLYING THE MARKET VALUE BY THE ASSESSMENT RATIO; (VI) IF AN ASSESSMENT CAP OR A TRANSITIONAL ASSESSMENT PROCESS IS IN USE, THE CAPPED OR TRANSITIONAL ASSESSMENT AND A DESCRIPTION OF SUCH CAP OR TRANSITIONAL ASSESSMENT INCLUDING THE PERCENTAGES AND LENGTH OF TIME USED IN THEIR CALCULATION; (VII) A LIST OF APPLICABLE EXEMPTIONS, A DESCRIPTION OF EACH EXEMPTION AND THE AMOUNT OF EACH EXEMPTION. S 2. Subdivision 9 of section 511 of the real property tax law, as added by section 2 of part X of chapter 56 of the laws of 2010, is amended to read as follows: 9. A special assessing unit THAT IS NOT A CITY shall be deemed to be in compliance with the provisions of this section if it provides assess-EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10331-05-3 S. 5772 2
ment disclosure notices to property owners in an alternative manner which includes, at a minimum, their tentative assessments, the market values upon which they were based, and the applicable level of assess- ment. S 3. This act shall take effect July 1, 2014.