A09245 Summary:

BILL NO    A09245 

SAME AS    No same as

SPONSOR    Reilly

COSPNSR    

MLTSPNSR   

Amd S305, RPT L

Requires real property to be assessed at least every five years; allows local
law to require more frequent assessment of real property.

A09245 Actions:

BILL NO    A09245 

11/09/2009 referred to real property taxation
01/06/2010 referred to real property taxation

A09245 Votes:

A09245 Memo:

BILL NUMBER:A9245

TITLE OF BILL:  An act to amend the real property tax law, in relation
to requiring real property to be assessed at least once every five
years

PURPOSE:  To provide municipalities with accurate real property
assessment and to keep more stable assessments.

SUMMARY OF PROVISIONS:  Section one of section 305 of the real
property tax law is amended a new subdivision 4

JUSTIFICATION:  There is no state law requiring municipalities to
assess property in a timely and predictable manner. Instead,
municipalities often delay reassessments until they are required to
reassess under court order or for other reasons. When municipalities
are forced to reassess under such conditions it can create a lot of
anxiety over potentially steep increases in assessments for some
property owners. This often creates difficult conditions for assessors
and increases the likelihood of legal challenges and grievances. A
statutory cycle for the valuation of real property should help reduce
uncertainties and anxieties of property owners and make the job of
reassessment easier for municipalities. This will also allow
municipalities to have updated assessment data and reduce the
likelihood of wide discrepancies in assessments of similar properties
in our communities.

LEGISLATIVE HISTORY: New Bill.

FISCAL IMPLICATIONS:  None.

EFFECTIVE DATE: This act shall take effect immediately.