NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A416
SPONSOR: Shimsky TITLE OF BILL:
An act to amend the real property tax law, in relation to assessment
relief for victims of a local or major disaster in an eligible munici-
pality; to repeal section 467-n of the real property tax law, relating
to assessment relief for disasters; and to amend a chapter of the laws
of 2024 amending the real property tax law relating to enacting the
"climate change property tax relief act", as proposed in legislative
bills numbers S. 7515-A and A. 7748-B, in relation to the effectiveness
thereof
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this bill is to effectuate an amendment to chapter 673 of
the laws of 2024 (approval memo 96), which established the "climate
change property tax relief act."
SUMMARY OF PROVISIONS:
Section one makes the following changes to the "climate change property
tax relief act" as established by chapter 673 of the laws of 2024:
*Qualifies special districts for this exemption;
*Qualifies owner-occupied small businesses for this exemption, subject
to additional eligibility criteria as may be set by local law;
*Shifts property tax relief from an abatement to an exemption not to
exceed four years from the year in which a disaster occurred, as speci-
fied by local law;
*Establishes a schedule categorizing disaster-related damage in ten
percent increments with corresponding exemption categories;
*Provides localities the option to tailor the exemption duration by
damage category;
*Establishes a six-month window, following adoption of this exemption by
local law, for retroactive application to disasters occurring after
January 1st, 2020, at local option, irrespective of local disaster
declarations, provided a disaster otherwise conforms with the definition
of a "local disaster;"
*Provides that "maximum benefit ceiling" shall be a dollar amount;
*Sets a default "minimum damage floor" of fifty percent structural
damage, provided that local law may establish a lower minimum damage
floor;
*Provides examples, without limitation, of evidence a homeowner may use
to substantiate property damage caused by a disaster;
*Provides maximum benefit to a property declared condemned or uninhabi-
table, irrespective of a locality's minimum damage floor but subject to
its maximum benefit ceiling, if applicable; and
*Makes technical amendments.
Section two makes technical changes the effective date provisions as
proposed in legislative bills A. 7748-B and S. 7515-A.
Section three is a severability clause.
Section four is the effective date.
JUSTIFICATION:
This chapter makes amendments to effectuate chapter 673 of the laws of
2024.
PRIOR LEGISLATIVE HISTORY:
This bill is a chapter amendment to chapter 673 of the laws of 2024.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None.
EFFECTIVE DATE:
This act shall take effect immediately; provided, however, that section
one of this act shall take effect on the same date and in the same
manner as a chapter of the laws of 2024 amending the real property tax
law relating to enacting the "climate change property tax relief act",
as proposed in legislative bills numbers S. 7515-A and A. 7748-B, takes
effect.
