Requires every assessing unit to conduct a revaluation of assessment at least every eight years

• Republican2

◆ The sponsor's argument

Why James Sanders Jr. says this is needed

Currently, in New York State, assessing units are not required to conduct cyclical reassessments. As a result, reassessment activity is very inconsistent across the State. Some assessing units conduct reas- sessments annually, while others have not reassessed since the early part of the 20th century. The lack of consistency creates confusion among taxpayers and inequitable assessments. Furthermore, as indicated in the Journal of Property Tax Assessment & Administration, Volume 7, Issue 4, over 31 states have a state law that requires a periodic reappraisal of property. Depending on the state, these reappraisals can range from annually to once every five years, and they are performed by the locality or by the state. This legislation would require that all assessing units conduct regular assessment to ensure that properties are assessed fairly, regardless of where they are located. While there are costs associated with performing reassessments, some relief may be granted through New York State's "Aid for Cyclical Reas- sessments" program, which requires reappraisals be made at least once every four years to meet eligibility. Lastly, the effective date on this legislation has been set for 2025 to allow ample time for municipalities to budget accordingly, and to ensure that the first reassessment is successfully completed.

This is the sponsor's own case for the bill, quoted from their memorandum. It is not Agora's description of what the bill does.