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What methodology is to be used by an assessor when valuing a residential real property pursuant to section 581-a?

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What methodology is to be used by an assessor when valuing a residential real property pursuant to section 581-a?

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A. The assessed value of the property is to be determined “using the income approach as applied to the actual net operating income, after deducting for reserves required by any federal, state or municipal programs” (RPTL, ยง581-a).

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