Bill Text: NY A10872 | 2019-2020 | General Assembly | Introduced

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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) 2020-07-24 - referred to real property taxation [A10872 Detail]

Download: New_York-2019-A10872-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          10872

                   IN ASSEMBLY

                                      July 24, 2020
                                       ___________

        Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Cymbrowitz)
          -- read once and referred to the Committee on Real Property Taxation

        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
        A. 10872                            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.