S 7516: Implements transfer assessments for any class one or class two parcel in any special assessing unit wholly contained within a city which has had a transfer of title within the fiscal year where the market value of such parcel, as determined by the New York city department of finance, is greater than the assessed value of such parcel.

  
  STATE OF NEW YORK ________________________________________________________________________ 7516 2025-2026 Regular Sessions  IN SENATE April 21, 2025 ___________ Introduced by Sen. CLEARE -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the real property tax law, in relation to implementing transfer assessments for certain classes of property in a city with a population of one million or more The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Section 1805 of the real property tax law is amended by 2 adding a new subdivision 7 to read as follows: 3 7. Notwithstanding any provision of law to the contrary, in any 4 special assessing unit wholly contained within a city, beginning with 5 the assessment roll completed in two thousand twenty-six and for each 6 subsequent assessment roll, the assessor shall determine a transfer 7 assessment for any class one or class two parcel which has had a trans- 8 fer of title within the fiscal year where the market value of such 9 parcel, as determined by the New York city department of finance, is 10 greater than the assessed value of such parcel. Such transfer assessment 11 shall be applied to the first assessment roll after the transfer of 12 title of such parcel and for each of the succeeding two assessment rolls 13 by computing difference of such parcel's assessed value and the market 14 value, as determined by the New York city department of finance, of such 15 parcel when the transfer of the title of such parcel occurred and 16 increasing the assessed value of such parcel by one third of such 17 difference on each such assessment roll. 18 § 2. This act shall take effect immediately. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11715-01-5