Bill > S06544

This bill requires every local government's assessing unit (the department responsible for determining property values for tax purposes) to perform a revaluation of property assessments at least once every eight years. This means that each local government will need to comprehensively review and update the assessed value of all properties within its jurisdiction no less frequently than every eight years. The purpose of such regular revaluations is to ensure that property tax assessments remain current and accurately reflect the actual market value of properties, which can change significantly over time due to factors like neighborhood development, economic conditions, and individual property improvements. The bill is set to take effect on January 1, 2030, which means local governments will have time to prepare for and implement this new requirement, with the new assessment cycle applying to property tax rolls filed on or after that date.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S6544