N.Y. Real Property Tax Law § 1904: Transition assessment

§ 1904. Transition assessment. 1. The governing body of any approved

assessing unit may adopt the provisions of this section by local law

without referendum, no later than thirty days prior to filing of the

tentative assessment roll in the first year of a revaluation, provided,

however, that if the governing body of a town adopts a local law

pursuant to this subdivision the provisions of this section shall apply

to each eligible non-assessing unit village within such town.

2. The assessors in each approved assessing unit which has adopted the

provisions of this section shall, in the first year in which revaluation

assessments are to be entered on the assessment roll and for each of the

next three succeeding years, determine for each parcel for which the

revaluation assessment is greater than the assessment for the same

parcel on the immediately preceding assessment roll, a transition

assessment as follows:

(a) In the first year subtract the prior assessment from the

revaluation assessment, divide the difference by five and add the result

to such prior assessment.

(b) In the second year, subtract the prior assessment from the

revaluation assessment, divide the difference by four and add the result

to such prior assessment.

(c) In the third year, subtract the prior assessment from the

revaluation assessment, divide the difference by three and add the

result to such prior assessment.

(d) In the fourth year, subtract the prior assessment from the

revaluation assessment, divide the difference by two and add the result

to such prior assessment.

(e) In the fifth year and thereafter, the revaluation assessment shall

be the assessment.

3. The assessors in each approved assessing unit which has adopted the

provisions of this section shall, in the first year in which revaluation

assessments are to be entered on the assessment roll and for each of the

next three succeeding years, determine for each parcel for which the

revaluation assessment is less than the assessment for the same parcel

on the immediately preceding assessment roll, a transition assessment as

follows:

(a) In the first year, subtract the revaluation assessment from the

prior assessment, divide the difference by five and subtract the result

from such prior assessment.

(b) In the second year, subtract the revaluation assessment from the

prior assessment, divide the difference by four and subtract the result

from such prior assessment.

(c) In the third year, subtract the revaluation assessment from the

prior assessment, divide the difference by three and subtract the result

from such prior assessment.

(d) In the fourth year, subtract the revaluation assessment from the

prior assessment, divide the difference by two and subtract the result

from such prior assessment.

(e) In the fifth year and thereafter, the revaluation assessment shall

be the assessment.

4. In the event that new property is added to a parcel during the

first, second, third or fourth year, such assessors shall increase the

prior year's assessment for such parcel by an amount which equals the

product of multiplying the revaluation assessment for such new property

by the state equalization rate established for the prior assessment

roll.

5. In the event that any portion of a parcel is fully or partially

removed from the roll during the first, second, third or fourth year by

reason of fire, demolition, destruction or new exemption such assessors

shall reduce the prior year's assessment for any remaining portion in

the same proportion as the revaluation assessment is reduced for such

fire, demolition, destruction or new exemption.

6. Notwithstanding any other provision of this chapter, the

commissioner shall prescribe a form of the assessment roll to enable the

assessors of approved assessing units to make the entries on the roll in

accordance with the provisions of this section.

7. In establishing state equalization rates, special state

equalization rates and special state equalization ratios under article

twelve, article twelve-A and article twelve-B of this chapter, the

commissioner shall use the transition assessments as provided for in

this section in its determinations.

8. The provisions of this section shall not apply to the assessment of

real property owned by the state and which is subject to taxation

pursuant to title two of article five of this chapter, nor shall the

provisions of this section apply to the assessment of any real property

for which a statute provides that a state equalization rate or special

equalization rate shall be employed to determine the assessed value or

the taxable assessed value.