STATE OF NEW YORK
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5674--A
Cal. No. 803
2019-2020 Regular Sessions
IN SENATE
May 10, 2019
___________
Introduced by Sens. GAUGHRAN, CARLUCCI -- read twice and ordered print-
ed, and when printed to be committed to the Committee on Local Govern-
ment -- reported favorably from said committee, ordered to first and
second report, ordered to a third reading, substituted by Assembly
Bill No. 4752-B, substitution reconsidered and vote reconsidered,
restored to third reading, amended and ordered reprinted, retaining
its place in the order of third reading
AN ACT to amend the real property tax law, in relation to requiring
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
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. When determining the value of a non-residential property
5 using the comparable sales, income capitalization or cost method, the
6 following shall be considered when selecting appropriate sales or
7 rentals comparable to the subject property; provided, however, that the
8 following requirements shall apply only to assessing units other than
9 cities of one million or more:
10 1. sales or rentals of non-residential properties exhibiting similar
11 current use or the use at the time of sale in the same real estate
12 market segment. Comparable properties shall include non-residential
13 properties located in proximate location to the subject property unless
14 there is an inadequate number of appropriate sales or rentals within the
15 same market segment; and
16 2. sales or rentals of non-residential properties that are similar in
17 age, condition, current use or the use at the time of sale, type of
18 construction, location, design, physical features and economic charac-
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD07560-07-9
S. 5674--A 2
1 teristics including similarities in occupancy and income generating
2 potential.
3 § 2. This act shall take effect immediately and shall apply to assess-
4 ment rolls prepared on or after January 1, 2020.
