NY A05225

Establishes a county commercial assessment ratio for counties with populations between 949,000 and 950,000 (based on 2010 federal census) that applies to major type B commercial property in non-reassessment municipalities.

Requires the state tax commissioner to establish the commercial assessment ratio 60 days before the tentative assessment roll filing date for eligible cities, towns, or villages where the commissioner must establish a state equalization rate.

Defines the commercial assessment ratio as the market value ratio for major type B property (commercial, industrial, apartments, recreation/entertainment, and certain other non-residential properties) using existing state equalization rate procedures.

Allows cities, towns, or villages to opt out of the commercial assessment ratio by local law if they choose not to apply it within their jurisdiction.

Applies the established commercial assessment ratio to assessments of major type B property reviewed under state equalization procedures, effective immediately for the 2021 assessment roll and thereafter.