BILL NUMBER: S3683
SPONSOR: COMRIE
 
TITLE OF BILL:
An act to amend the real property tax law, in relation to requiring the
disclosure to the petitioner of the assessing method, capitalization
rate, and certain other information used to determine valuation by the
respondent in a judicial proceeding brought to review an assessment of
real property in a city having a population of one million or more
 
PURPOSE OR GENERAL IDEA OF BILL:
To provide real property taxpayers with full disclosure of the method of
assessment of their property.
 
SUMMARY OF SPECIFIC PROVISIONS:
This bill would amend Section 714(2) of the Real Property Tax Law to
require New York City to disclose to petitioners in proceedings to
review their assessments the assessing method used, any capitalization
rate used and any other data or formula used to determine the valuation
of the real property. Such disclosure would be made upon the filing of
an answer or notice of objection in such case by the respondent City.
 
JUSTIFICATION:
The greater disclosure of assessment methods and capitalization rates
used to determine the value of real property would make the assessment
process more transparent and less likely to be subject to abuse. Without
a doubt, the more understandable the assessment process is to the
taxpaying public, the more confidence there will be in this critical
form of taxation. This bill would add a small measure of disclosure to a
secretive process that currently erodes such confidence.
 
PRIOR LEGISLATIVE HISTORY:
2023-24: S2460
2021-22: S.4038/A.4042
2019-2020: A.3242
2017-2018:A.7271
2015-2016: A.3952
2013-2014:A.2927
2011-2012: A.4512
2009-10:A.1492
2007-8: A.791
2006: A.9381
2005: A.618
 
FISCAL IMPLICATIONS:
None to the State.
 
EFFECTIVE DATE:
This act shall take effect in thirty days following enactment, and
applies to proceedings commenced.or pending after such date. Provision
is made for extending time in pending proceedings.

Statutes affected:
S3683: 714 real property tax law, 714(2) real property tax law