Bill > S07516

This bill modifies the real property tax law to implement a new assessment method for certain properties in New York City. Specifically, for class one or class two parcels (which typically include residential properties) located in a special assessing unit entirely within New York City, the bill introduces a "transfer assessment" when a property's market value (as determined by the New York City Department of Finance) exceeds its current assessed value after a title transfer. Starting with the 2026 assessment roll, when a property changes ownership, its assessed value will be gradually increased over three consecutive assessment rolls. The increase will be calculated by taking one-third of the difference between the property's market value at the time of transfer and its previous assessed value, effectively phasing in a higher assessment that more closely reflects the property's current market value. This approach aims to create a more responsive and equitable property tax assessment system that reflects recent property transactions and market conditions.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S7516