N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 8186-25.3

Current through Register Vol. 46, No. 53, December 31, 2024

Section 8186-25.3 - Valuation date; procedures

Update surveys are conducted for city, town and county assessing units, village homestead assessing units, village school assessing unit and special surveys where required. The valuation date is January 1st of the year designating the survey. The following procedures shall be followed:

(a) The classified roll of the update survey shall be the classified roll for the immediately preceding base survey.

(b) The stratification for the update survey is the same as used for the immediately preceding base survey.

(c) The sample parcels appraised for the update survey are the same as the sample parcels for the immediately preceding base survey except that an alternate may be substituted for a sample parcel under the following circumstances:

(1) there has been construction or demolition such that the physical inventory of the sample parcel as of taxable status date of the base year roll cannot be determined;

(2) access to the property is necessary in order to perform an appraisal but such access cannot be obtained;

(3) certain information concerning the property is necessary in order to perform an appraisal but such information cannot be obtained;

(4) the sample parcel is determined to be part of a single economic entity for valuation purposes and the economic entity also includes wholly exempt property, the assessed value of which comprises more than 50 percent of the total assessed value of the economic unit;

(5) the sample parcel is owned by a person who is:

(i) the Governor, Lieutenant Governor, Comptroller, Attorney General, or a member of the Legislature of the State of New York;

(ii) a member of the State Board of Real Property Tax Services;

(iii) an employee of ORPTS;

(iv) the chief executive officer or a member of the governing body of a county, city, town or village;

(v) the county director of real property tax services; or

(vi) an assessor; and

(6) the sample parcel includes telephone or telegraph property subject to former section 470 or 471 of the Real Property Tax Law or chapter 416 of the Laws of 1987.

(d) The appraisal data collected for the immediately preceding base survey may be reused when appraising the same sample parcels for the update survey.

(e) The supplemental sample determined for the immediately preceding base survey shall be reused for the update survey.

(f) The estimated market value ratio for the update survey shall be computed in the same manner as the estimated market value ratio for the immediately preceding base survey.

(g) The procedure for corrections to the update survey are the same as those for the immediately preceding base survey.

(h) The update survey shall be complete when the conditions are met that are specified in rules for the immediately preceding base survey.

N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 8186-25.3