N.Y. Real Property Tax Law § 305-a: Assessment using the comparable sales, income capitalization or cost method

§ 305-a. Assessment using the comparable sales, income capitalization

or cost method. 1. As used in this section, the following terms shall

have the following meanings:

(a) "Mixed-use property" means a property with a building or structure

used for both residential and commercial purposes.

(b) "Non-residential property" means a property with a building or

structure used for commercial purposes.

2. When determining the value of a mixed-use or non-residential

property using the comparable sales, income capitalization or cost

method, the following shall be considered when selecting appropriate

sales or rentals comparable to the subject property; provided, however,

that the following requirements shall apply only to assessing units

other than cities having a population of one million or more:

(a) sales or rentals of properties exhibiting similar use or the use

at the time of sale in the same real estate market. Comparable

properties should include properties located in proximate location to

the subject property unless there is an inadequate number of appropriate

sales or rentals within the same market; and

(b) sales or rentals of properties that are similar in age, condition,

use or the use at the time of sale, type of construction, location,

design, physical features and economic characteristics including but not

limited to similarities in occupancy and market rent.