NY A01133

County legislatures may adopt a local law to implement a cooperative real property tax administration system requiring full value assessments and five-year revaluation cycles for all cities, towns, and villages within the county.

Establishes a county revaluation commission with at least five members to oversee county-wide revaluation at county expense, with no authority to review individual parcel valuations.

All real property must be assessed at full value as of January 1 of the year preceding initial revaluation and every five years thereafter, with assessors permitted to adjust assessments between cycles for substantial physical changes or regulatory changes.

Municipalities may adopt classified tax rate systems to allocate taxes among three property classes (residential, multi-family residential, and commercial/industrial), with class one and two rates limited to 75-100% of current percentages and class three rates limited to 100-125% of current percentages.

Provides for a transitional exemption phasing out over four years for properties experiencing assessed value increases upon implementation, and authorizes state assistance of up to $10 per parcel to counties that implement the system.