Extends certain dates relating to the assessment of real property damaged by the severe storm that occurred on the twenty-ninth and thirtieth of October two thousand twelve in a city having a population of one million or more to 2022.
STATE OF NEW YORK
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8710
IN SENATE
July 9, 2020
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Introduced by Sen. GOUNARDES -- read twice and ordered printed, and when
printed to be committed to the Committee on Rules
AN ACT to amend the real property tax law, in relation to extending
certain dates relating to the assessment of real property damaged by
the severe storm that occurred on the twenty-ninth and thirtieth of
October two thousand twelve in a city having a population of one
million or more
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Paragraph (b) of subdivision 2, paragraph (b) of subdivi-
2 sion 3 and subdivision 4 of section 1805-a of the real property tax law,
3 as added by chapter 14 of the laws of 2015, are amended to read as
4 follows:
5 (b) "Aggregate physical increase" means the sum of physical increases
6 for assessment rolls completed from two thousand fourteen through two
7 thousand [twenty] twenty-two.
8 (b) the department of finance increased the assessed value attribut-
9 able to improvements on the property by means of a physical increase for
10 an assessment roll completed from two thousand fourteen through two
11 thousand [twenty] twenty-two.
12 4. Limitation on increases of assessed value. Notwithstanding subdivi-
13 sion five of section eighteen hundred five of this article and any other
14 provision to the contrary, increases in the assessed value of affected
15 real property shall be limited in the manner specified in this subdivi-
16 sion.
17 (a) Except as provided in paragraph (c) of this subdivision, for
18 affected real property for which the assessed values on the assessment
19 rolls completed in two thousand fourteen and two thousand fifteen do not
20 reflect a physical increase, the amount of the aggregate physical
21 increase shall not exceed the amount of the physical decrease reflected
22 in the assessed value on the assessment roll completed in two thousand
23 thirteen. Any increase in assessed value from the preceding year in
24 excess of the physical increase reflected in the current assessed value,
25 such physical increase limited as provided in the preceding sentence,
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD16850-01-0
S. 8710 2
1 shall be subject to the limitations on increases provided in subdivi-
2 sions one, two and three of section eighteen hundred five of this arti-
3 cle. In no event shall the assessed value of the affected real property
4 appearing on an assessment roll completed for any given year from two
5 thousand fifteen to two thousand [twenty] twenty-two exceed what the
6 assessed value would have been that year but for any physical decreases
7 or physical increases reflected in the assessed values on the assessment
8 rolls completed from two thousand thirteen to two thousand [twenty]
9 twenty-two.
10 (b) For affected real property for which the assessed value on the
11 assessment roll completed in two thousand fourteen or two thousand
12 fifteen reflects a physical increase, the assessed value as it appeared
13 on the assessment roll completed in two thousand fifteen shall be recal-
14 culated as if the limitation in paragraph (a) of this subdivision had
15 been in effect for the assessment rolls completed in two thousand four-
16 teen and two thousand fifteen. The recalculation of the assessed value
17 that appeared on the assessment roll completed in two thousand fifteen
18 shall not affect the amount of taxes that were due and payable for the
19 fiscal year beginning on the first of July, two thousand fourteen. The
20 assessed value on the assessment rolls completed for each of the years
21 from two thousand sixteen to two thousand [twenty] twenty-two shall be
22 subject to the limitation on increases provided in paragraph (a) of this
23 subdivision. Notwithstanding section fifteen hundred twelve of the char-
24 ter of the city of New York and any other provision to the contrary, the
25 commissioner of finance is authorized to correct as provided in this
26 paragraph the assessed value of affected real property appearing on the
27 assessment roll completed in two thousand fifteen. Such correction shall
28 be made no later than ninety days after the effective date of a local
29 law adopted in accordance with this section.
30 (c) Notwithstanding paragraphs (a) and (b) of this subdivision, in the
31 event that the total square footage of the improvements on the affected
32 real property appearing on any assessment roll completed from two thou-
33 sand fourteen to two thousand [twenty] twenty-two exceeds the total
34 square footage of the improvements on the property appearing on the
35 assessment roll completed in two thousand twelve, the amount of the
36 aggregate physical increase shall not exceed the amount computed by
37 multiplying the sum of the physical increases as calculated subject to
38 this subdivision by a fraction, the numerator of which is equal to the
39 amount of the total square footage of the improvements on the property
40 for the current assessment roll, and the denominator of which is equal
41 to the amount of the total square footage of the improvements on the
42 property for the assessment roll completed in two thousand twelve. For
43 purposes of this paragraph, if improvements on the property located
44 below grade were not included in the total square footage of the
45 improvements on the property for the assessment roll completed in two
46 thousand twelve, such improvements shall not be included in the total
47 square footage for subsequent assessment rolls if the improvements were
48 moved above grade or other building elevations were constructed on the
49 property to prevent or mitigate flooding as part of reconstruction or
50 repair in connection with the damage caused by the severe storm that
51 occurred on the twenty-ninth and thirtieth of October, two thousand
52 twelve.
53 § 2. This act shall take effect immediately.