Legal Analysts

Showing posts with label Appraisal. Show all posts
Showing posts with label Appraisal. Show all posts

Tuesday, October 26, 2021

New Law: Tax Assessments of Non-Residential Properties outside NYC

Have you ever wondered how the government assesses the value of your property for real estate tax purposes? 

Yes, there are 3 different types of appraisals, including comparable sales, income capitalization, and cost basis. However, each uses sales data of similar properties to develop a value. But, what is the legal definition of similar properties for purposes of a tax assessment? That has long been a hotly litigated. 

Now, starting on January 1, 2022, the answer will be that similar is defined as "properties located in proximate location to the subject property unless there is an inadequate number of appropriate sales or rentals within the same market." Plus, similarity refers to "age, condition, use or the sue 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." 

This new law, A894C, was signed into law by Governor Hochul on October 25, 2021. 

Thursday, April 09, 2020

Empire State Development Issues Guidance on Real Estate Services

On March 9, 2020, Executive Order 202.6 mandated non-essential businesses to reduce their in-person workforce by 50% and later, by 100%. Today, the Empire State Development (ESD) issued guidance on Executive Order 202.6 to further determine which businesses are considered essential.

What does the ESD Guidance mean for real estate professionals?

Lawyers are permitted to continue to perform all work necessary, as long as it is performed remotely. Any in-person work must be only for supporting essential businesses or services, with the caveat that such work should still be conducted as remotely as possible.

Real estate services, including but not limited to, title searches, appraisals, permitting, inspections, recording, legal, financial and other services necessary to complete the transfer of real property shall be conducted remotely for ALL transactions.
  • In-person services may be conducted only to the extent legally necessary and in accordance with appropriate social distancing and cleaning/disinfecting protocols.
  • Brokerage and branch offices may be opened only to clients.

With ESD’s Guidance, along with Executive Order 202.10 and 202.14 which authorized remote notarization and electronic witnessing for deeds (which we blogged about HERE and HERE), real estate professionals can get back to work and close some deals.