Bill > A03811

This bill requires every local government assessing unit (a local government entity responsible for determining property values for tax purposes) to conduct a revaluation of property assessments at least once every eight years. The purpose of this requirement is to ensure that property tax assessments remain current and accurately reflect the true market value of properties. By mandating regular reassessments, the bill aims to promote fairness in property taxation, preventing situations where some properties might be over or under-assessed compared to their actual market value. The bill is set to take effect on January 1, 2030, which gives local governments substantial time to prepare for and implement the new assessment cycle requirement. After this date, all final assessment rolls must comply with the new eight-year revaluation cycle, ensuring that property tax assessments are periodically updated to reflect current real estate market conditions.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3811