Requires assessors using the comparable sales, income capitalization or cost method for assessments to consider certain comparable properties in formulating the assessment of non-residential properties.
STATE OF NEW YORK
2021-2022 Regular Sessions
January 6, 2021
Introduced by M. of A. ZEBROWSKI, WOERNER, GALEF, BRABENEC -- read once
and referred to the Committee on Real Property Taxation -- committee
discharged, bill amended, ordered reprinted as amended and recommitted
to said committee -- again reported from said committee with amend-
ments, ordered reprinted as amended and recommitted to said committee
-- reported and referred to the Committee on Ways and Means -- commit-
tee discharged, bill amended, ordered reprinted as amended and recom-
mitted to said committee
AN ACT to amend the real property tax law, in relation to requiring
assessors using the comparable sales method for assessments to consid-
er certain comparable properties in formulating the assessment
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The real property tax law is amended by adding a new
2 section 305-a to read as follows:
3 § 305-a. Assessment using the comparable sales, income capitalization
4 or cost method. 1. As used in this section, the following terms shall
5 have the following meanings:
6 (a) "Mixed-use property" means a property with a building or structure
7 used for both residential and commercial purposes.
8 (b) "Non-residential property" means a property with a building or
9 structure used for commercial purposes.
10 2. When determining the value of a mixed-use or non-residential prop-
11 erty using the comparable sales, income capitalization or cost method,
12 the following shall be considered when selecting appropriate sales or
13 rentals comparable to the subject property; provided, however, that the
14 following requirements shall apply only to assessing units other than
15 cities having a population of one million or more:
16 (a) sales or rentals of properties exhibiting similar use or the use
17 at the time of sale in the same real estate market. Comparable proper-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 is old law to be omitted.
A. 894--C 2
1 ties should include properties located in proximate location to the
2 subject property unless there is an inadequate number of appropriate
3 sales or rentals within the same market; and
4 (b) sales or rentals of properties that are similar in age, condition,
5 use or the use at the time of sale, type of construction, location,
6 design, physical features and economic characteristics including but not
7 limited to similarities in occupancy and market rent.
8 § 2. This act shall take effect immediately and shall apply to assess-
9 ment rolls prepared on or after January 1, 2022.