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A05620 Summary:

A05620 Actions:

A05620 Committee Votes:

A05620 Floor Votes:

A05620 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         5620--B
                                                                    R. R. 11
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                      March 2, 2015
                                       ___________
 
        Introduced  by  M. of A. GOLDFEDER, CYMBROWITZ, BROOK-KRASNY, WEINSTEIN,
          BORELLI -- read once and referred to the Committee  on  Real  Property
          Taxation  --  committee discharged, bill amended, ordered reprinted as
          amended and recommitted to said committee -- reported and referred  to
          the  Committee  on  Ways  and  Means  --  reported and referred to the
          Committee on Rules -- amended on the special order of  third  reading,
          ordered reprinted as amended, retaining its place on the special order
          of third reading
 
        AN ACT to amend the real property tax law, in relation to the assessment
          of  real  property  damaged  by  the severe storm that occurred on the
          twenty-ninth and thirtieth of October, 2012 in a city having  a  popu-
          lation 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. The real property tax  law  is  amended  by  adding  a  new
     2  section 1805-a to read as follows:
     3    § 1805-a. Assessment of real property damaged by the severe storm that
     4  occurred  on  the  twenty-ninth  and  thirtieth of October, two thousand
     5  twelve in a city having a population of one million or more. 1.   Gener-
     6  ally. Notwithstanding any provision of any general, special or local law
     7  to  the contrary, any city having a population of one million or more is
     8  hereby authorized and empowered to adopt and amend local laws in accord-
     9  ance with this section to provide that the assessed  value  of  affected
    10  real property, as defined in subdivision three of this section, shall be
    11  subject to the limitations provided in this section.
    12    2. Definitions. As used in this section:
    13    (a)  "Actual assessed value" means the assessed value of real property
    14  prior to the calculation of any transitional assessed value,  and  which
    15  is not reduced by any exemption from real property taxes.
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD09139-04-5
        A. 5620--B                          2
 
     1    (b)  "Aggregate physical increase" means the sum of physical increases
     2  for assessment rolls completed from two thousand  fourteen  through  two
     3  thousand twenty.
     4    (c) "Annual tax" means the amount of real property tax that is imposed
     5  on  a  property  for  a  fiscal year, determined after reduction for any
     6  amount from which the property is exempt, or which is  abated,  pursuant
     7  to applicable law.
     8    (d)  "Annual  tax  attributable to improvements" means the annual tax,
     9  multiplied by a fraction,  the  numerator  of  which  is  equal  to  the
    10  assessed  value  attributable  to  improvements  on the property for the
    11  fiscal year, and the denominator of which is the total assessed value of
    12  the property for such fiscal year.
    13    (e) "Assessed value" means the assessed value of  real  property  that
    14  was  used  to  determine the annual tax, and which is not reduced by any
    15  exemption from real property taxes.   For real  property  classified  as
    16  class  two or class four real property, as defined in subdivision one of
    17  section eighteen hundred two of this article to which subdivision  three
    18  of  section eighteen hundred five of this article applies, unless other-
    19  wise provided, the assessed value is the lower of  the  actual  assessed
    20  value and transitional assessed value.
    21    (f)  "Assessed  value attributable to improvements" means that portion
    22  of the assessed value that was used to determine the annual tax  attrib-
    23  utable  to  improvements, and which is not reduced by any exemption from
    24  real property taxes.
    25    (g) "Commissioner of finance" means the commissioner of finance  of  a
    26  city having a population of one million or more, or his or her designee.
    27    (h)  "Department of finance" means the department of finance of a city
    28  having a population of one million or more.
    29    (i) "Improvements" means buildings and other articles and  structures,
    30  substructures and superstructures erected upon, under or above the land,
    31  or  affixed  thereto,  including  bridges  and wharves and piers and the
    32  value of the right to collect wharfage, cranage or dockage thereon.
    33    (j) "Physical decrease" means the decrease in assessed value from  the
    34  assessed  value  on  the  preceding  assessment  roll  as  a  result  of
    35  destruction of property caused by the severe storm that occurred on  the
    36  twenty-ninth  and  thirtieth  of  October,  two  thousand  twelve,  such
    37  decrease to which subdivision five of section eighteen hundred  five  of
    38  this article applies.
    39    (k)  "Physical increase" means the increase in assessed value from the
    40  assessed value on the preceding assessment roll as a result of an  addi-
    41  tion to or improvement of existing real property as provided in subdivi-
    42  sion  five  of  section  eighteen  hundred five of this article, for the
    43  purpose of reconstruction or repair in connection with the damage caused
    44  by the severe storm that occurred on the twenty-ninth and  thirtieth  of
    45  October, two thousand twelve, such increase to which subdivision five of
    46  section  eighteen  hundred  five  of this article applies subject to the
    47  provisions of this section.
    48    (l) "Total square footage of the improvements on the property"  means,
    49  with  respect  to  an  assessment  roll,  the square footage used by the
    50  department of finance in determining the assessed value attributable  to
    51  improvements on the real property for such assessment roll.
    52    (m)  "Transitional assessed value" is the transition assessment calcu-
    53  lated pursuant to subdivision three of section eighteen hundred five  of
    54  this  article, and which is not reduced by any exemption from real prop-
    55  erty taxes.
        A. 5620--B                          3
 
     1    3. Affected real property.  For purposes of  this  section,  "affected
     2  real property" means any tax lot that contained, on the applicable taxa-
     3  ble  status  date,  class  one, class two or class four real property as
     4  such class of real property is defined in  subdivision  one  of  section
     5  eighteen hundred two of this article, as to which:
     6    (a)  the department of finance reduced the assessed value attributable
     7  to improvements on the property for the assessment roll completed in two
     8  thousand thirteen from the assessed value attributable  to  improvements
     9  on the property for the assessment roll completed in two thousand twelve
    10  as  a  result  of damage caused by the severe storm that occurred on the
    11  twenty-ninth and thirtieth of October, two thousand twelve; and
    12    (b) the department of finance increased the assessed  value  attribut-
    13  able to improvements on the property by means of a physical increase for
    14  an  assessment  roll  completed  from  two thousand fourteen through two
    15  thousand twenty.
    16    4. Limitation on increases of assessed value. Notwithstanding subdivi-
    17  sion five of section eighteen hundred five of this article and any other
    18  provision to the contrary, increases in the assessed value  of  affected
    19  real  property shall be limited in the manner specified in this subdivi-
    20  sion.
    21    (a) Except as provided in  paragraph  (c)  of  this  subdivision,  for
    22  affected  real  property for which the assessed values on the assessment
    23  rolls completed in two thousand fourteen and two thousand fifteen do not
    24  reflect a physical  increase,  the  amount  of  the  aggregate  physical
    25  increase  shall not exceed the amount of the physical decrease reflected
    26  in the assessed value on the assessment roll completed in  two  thousand
    27  thirteen.  Any  increase  in  assessed  value from the preceding year in
    28  excess of the physical increase reflected in the current assessed value,
    29  such physical increase limited as provided in  the  preceding  sentence,
    30  shall  be  subject  to the limitations on increases provided in subdivi-
    31  sions one, two and three of section eighteen hundred five of this  arti-
    32  cle.  In no event shall the assessed value of the affected real property
    33  appearing on an assessment roll completed for any given  year  from  two
    34  thousand  fifteen  to two thousand twenty exceed what the assessed value
    35  would have been that year but for any  physical  decreases  or  physical
    36  increases  reflected  in  the  assessed  values  on the assessment rolls
    37  completed from two thousand thirteen to two thousand twenty.
    38    (b) For affected real property for which the  assessed  value  on  the
    39  assessment  roll  completed  in  two  thousand  fourteen or two thousand
    40  fifteen reflects a physical increase, the assessed value as it  appeared
    41  on the assessment roll completed in two thousand fifteen shall be recal-
    42  culated  as  if  the limitation in paragraph (a) of this subdivision had
    43  been in effect for the assessment rolls completed in two thousand  four-
    44  teen  and  two thousand fifteen. The recalculation of the assessed value
    45  that appeared on the assessment roll completed in two  thousand  fifteen
    46  shall  not  affect the amount of taxes that were due and payable for the
    47  fiscal year beginning on the first of July, two thousand  fourteen.  The
    48  assessed  value  on the assessment rolls completed for each of the years
    49  from two thousand sixteen to two thousand twenty shall be subject to the
    50  limitation on increases provided in paragraph (a) of  this  subdivision.
    51  Notwithstanding  section  fifteen  hundred  twelve of the charter of the
    52  city of New York and any other provision to the  contrary,  the  commis-
    53  sioner of finance is authorized to correct as provided in this paragraph
    54  the assessed value of affected real property appearing on the assessment
    55  roll completed in two thousand fifteen. Such correction shall be made no
        A. 5620--B                          4
 
     1  later  than  ninety days after the effective date of a local law adopted
     2  in accordance with this section.
     3    (c) Notwithstanding paragraphs (a) and (b) of this subdivision, in the
     4  event  that the total square footage of the improvements on the affected
     5  real property appearing on any assessment roll completed from two  thou-
     6  sand fourteen to two thousand twenty exceeds the total square footage of
     7  the  improvements  on  the  property  appearing  on  the assessment roll
     8  completed in two thousand twelve, the amount of the  aggregate  physical
     9  increase  shall not exceed the amount computed by multiplying the sum of
    10  the physical increases as calculated subject to this  subdivision  by  a
    11  fraction,  the  numerator  of  which is equal to the amount of the total
    12  square footage of the improvements  on  the  property  for  the  current
    13  assessment  roll, and the denominator of which is equal to the amount of
    14  the total square footage of the improvements on  the  property  for  the
    15  assessment  roll  completed in two thousand twelve. For purposes of this
    16  paragraph, if improvements on the property located below grade were  not
    17  included in the total square footage of the improvements on the property
    18  for  the assessment roll completed in two thousand twelve, such improve-
    19  ments shall not be included in the total square footage  for  subsequent
    20  assessment  rolls  if  the  improvements were moved above grade or other
    21  building elevations were constructed on the property to prevent or miti-
    22  gate flooding as part of reconstruction or repair in connection with the
    23  damage caused by the severe storm that occurred on the twenty-ninth  and
    24  thirtieth of October, two thousand twelve.
    25    5.  Rulemaking.  The  commissioner  of  finance shall be authorized to
    26  promulgate rules necessary to effectuate the purposes of this section.
    27    § 2. This act shall take effect immediately.