Bill Text: NY S04585 | 2015-2016 | General Assembly | Introduced

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Bill Title: Provides that residential real property which sustained 50% or greater damage in Hurrricane Sandy, and is rebuilt shall be assessed at its pre-Sandy market value.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2016-01-06 - REFERRED TO LOCAL GOVERNMENT [S04585 Detail]

Download: New_York-2015-S04585-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4585
                              2015-2016 Regular Sessions
                                   I N  S E N A T E
                                    March 30, 2015
                                      ___________
       Introduced  by  Sen.  LANZA  -- read twice and ordered printed, and when
         printed to be committed to the Committee on Local Government
       AN ACT to amend the real property tax law, in relation to assessment  of
         residential  real  property  catastrophically  impacted  by superstorm
         Sandy
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  Section  305  of  the real property tax law is amended by
    2  adding a new subdivision 4 to read as follows:
    3    4. (A) FOR THE PURPOSES OF THIS SUBDIVISION:
    4    (I) "CATASTROPHICALLY IMPACTED PROPERTY" MEANS RESIDENTIAL REAL  PROP-
    5  ERTY  WHICH LOST FIFTY PERCENT OR MORE OF ITS IMPROVED VALUE AS A RESULT
    6  OF SUPERSTORM SANDY.
    7    (II) "IMPROVED VALUE" MEANS THE MARKET  VALUE  OF  THE  REAL  PROPERTY
    8  IMPROVEMENT EXCLUDING THE LAND.
    9    (III)  "SUPERSTORM  SANDY"  MEANS  THE STORMS, RAINS, WINDS AND FLOODS
   10  WHICH OCCURRED DURING THE PERIOD BEGINNING ON OCTOBER TWENTY-NINTH,  TWO
   11  THOUSAND TWELVE AND ENDING NOVEMBER THIRD, TWO THOUSAND TWELVE.
   12    (IV) "TOTAL ASSESSED VALUE" MEANS THE TOTAL ASSESSED VALUE OF A PARCEL
   13  PRIOR TO ANY AND ALL EXEMPTION ADJUSTMENTS.
   14    (B) CATASTROPHICALLY IMPACTED PROPERTY, WHICH IS REPAIRED, IMPROVED OR
   15  RECONSTRUCTED  TO  REPAIR  DAMAGE  CAUSED BY SUPERSTORM SANDY AND COMPLY
   16  WITH STATE AND LOCAL BUILDING CODES AND HEIGHT  RESTRICTIONS,  SHALL  BE
   17  ASSESSED  AT AND THE TOTAL ASSESSED VALUE THEREOF SHALL BE A VALUE WHICH
   18  IS EQUAL TO THE IMPROVED VALUE OF SUCH REAL PROPERTY PRIOR TO THE DAMAGE
   19  CAUSED BY SUPERSTORM SANDY, AND NOT THE FULL VALUE OF SUCH PROPERTY.
   20    S 2. This act shall take effect immediately and  shall  apply  to  tax
   21  rolls issued on or after such date.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD01935-01-5