Provides that in proceedings to review real property assessments in N.Y. city assessing method, capitalization rate, etc. must be disclosed

2025 Regular Session Introduced by Leroy Comrie

Bill Summary: S 3683 OverviewS 3683 is a New York Senate bill introduced on January 29, 2025, and referred to the Local Government committee. The core objective of the bill is to i

REFERRED TO LOCAL GOVERNMENT

Overview

S 3683 is a New York Senate bill introduced on January 29, 2025, and referred to the Local Government committee. The core objective of the bill is to increase transparency in the real property assessment review process in New York City by requiring disclosure of the valuation methodologies used in determining assessments.

Purpose and Intent

To ensure that parties involved in NYC real property assessment review proceedings have access to the underlying methods used to calculate assessed values.

Specifically, the bill mandates disclosure of the assessment method and related valuation details (including the capitalization rate) used in NYC property assessments, as part of the review process.

The goal is to promote openness and enable more informed challenges to property values during appeals.

Key Provisions (as indicated by the bill’s title and summary)

Disclosure Requirement: In proceedings to review real property assessments in New York City, the assessing method, capitalization rate, and other valuation details must be disclosed to participants.

Scope: Applies to proceedings that review NYC real property assessments.

Nature of Disclosure: The bill specifies that valuation methodology and related factors used to determine the assessed value must be made available to those involved in the proceedings.

Who Would Be Affected

Property Owners and Taxpayers: Individuals or entities appealing NYC property assessments would gain access to the valuation methods behind their assessments.

NYC Assessors or the City’s Assessing Authority: The local government entity responsible for producing and presenting assessment calculations would need to provide the disclosed information.

Tax Professionals and Appraisers: Attorneys, consultants, and appraisers representing taxpayers would have access to the methodologies used in determinations.

Procedural and Timeline Aspects

Status: Referred to Local Government (committee stage) as of the bill’s introduction.

Introduction Date: January 29, 2025.

Legislative Actions: 2025-01-29 — REFERRED TO LOCAL GOVERNMENT.

Related Legislation: A number of related bills exist from prior sessions, including A 7271, S 7594, A 3242, S 4038, S 2460, A 3952, A 2927, A 4512, A 1492, and A 791. These indicate ongoing discussions about transparency and procedures in NYC assessment practices.

Potential Implications

Transparency Gains: The bill could improve clarity around how NYC assessments are valued, aiding the fairness and effectiveness of property tax appeals.

Administrative Impact: Government assessors may need to adjust processes to ensure timely and complete disclosure of methodologies and related data.

Legal/Confidentiality Considerations: Requiring disclosure of valuation models and capitalization rates could raise questions about sensitivity of appraisal methodologies; safeguards or redactions may be discussed in committee considerations.

Note: This summary reflects the information provided. If the full text becomes available, specific sections, definitions, and any exclusions or timelines should be reviewed for a precise understanding.