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NY S07516
Bill
Status
4/21/2025
Primary Sponsor
Cordell Cleare
Click for details
AI Summary
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Requires assessors in special assessing units within cities (specifically targeting New York City) to implement "transfer assessments" for class one and class two properties starting with the 2026 assessment roll
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Applies to properties that have transferred title during the fiscal year when the market value exceeds the assessed value
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Phases in the assessment increase over three years by calculating the difference between assessed value and market value at time of sale, then adding one-third of that difference to each of the three subsequent assessment rolls
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Effectively resets property tax assessments closer to actual sale prices when properties change hands, reducing the gap between assessed and market values for newly transferred properties
Legislative Description
Implements transfer assessments for any class one or class two parcel in any special assessing unit wholly contained within a city which has had a transfer of title within the fiscal year where the market value of such parcel, as determined by the New York city department of finance, is greater than the assessed value of such parcel.
Last Action
REFERRED TO LOCAL GOVERNMENT
1/7/2026