Bill Text: NY S08710 | 2019-2020 | General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-07-09 - REFERRED TO RULES [S08710 Detail]
Download: New_York-2019-S08710-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 8710 IN SENATE July 9, 2020 ___________ 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. LBD16850-01-0S. 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.
