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NY A04838
Bill
Status
2/8/2021
Primary Sponsor
Brian Manktelow
Click for details
AI Summary
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Changes the assessment method for residential rental properties where at least 20% of units are subject to income-restricted agreements with a municipality, state, or federal entity from mandatory ("shall") to optional ("may") use of the income approach based on actual net operating income.
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Defines "net operating income" as actual or anticipated net income after deducting all operating expenses from effective gross income, but before deducting mortgage debt service and book depreciation.
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Permits assessments using actual net operating income to exclude federal, state, or municipal income tax credits, subsidized mortgage financing, and project grants that offset development costs for lower initial rents, as defined by division of housing and community renewal regulations.
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Takes effect immediately upon enactment.
Legislative Description
Relates to the assessment of real property; provides that the assessed valuation of real property used for residential rental purposes may be determined using the actual net income; makes related provisions.
Last Action
held for consideration in real property taxation
5/10/2022