NY Real Prop Tax L § 1805-A (2021)
2021 New York Laws RPT - Real Property Tax Article 18 - Preservation of Class Share of Taxes in Municipal Corporations Except Counties Within a City, Included Within the Boundaries of a Special A 1805-A - 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.

§ 1805-a. 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.  1. Generally.  Notwithstanding  any  provision  of  any general, special or local law to the contrary, any city having a population of  one  million or more is hereby authorized and empowered to adopt and amend local laws in  accordance  with  this section to provide that the assessed value of affected real property, as defined in subdivision three of this section, shall be subject to the limitations provided in this section.   2. Definitions. As used in this section:  (a) "Actual assessed value" means the assessed value of real  property prior  to  the calculation of any transitional assessed value, and which is not reduced by any exemption from real property taxes.  (b) "Aggregate physical increase" means the sum of physical  increases for  assessment  rolls  completed from two thousand fourteen through two thousand twenty.  (c) "Annual tax" means the amount of real property tax that is imposed on a property for a fiscal year,  determined  after  reduction  for  any amount  from  which the property is exempt, or which is abated, pursuant to applicable law.  (d) "Annual tax attributable to improvements" means  the  annual  tax, multiplied  by  a  fraction,  the  numerator  of  which  is equal to the assessed value attributable to improvements  on  the  property  for  the fiscal year, and the denominator of which is the total assessed value of the property for such fiscal year.  (e)  "Assessed  value"  means the assessed value of real property that was used to determine the annual tax, and which is not  reduced  by  any exemption  from  real  property  taxes.  For real property classified as class two or class four real property, as defined in subdivision one  of section  eighteen hundred two of this article to which subdivision three of section  eighteen  hundred  five  of  this  article  applies,  unless otherwise  provided,  the  assessed  value  is  the  lower of the actual assessed value and transitional assessed value.  (f) "Assessed value attributable to improvements" means  that  portion of  the  assessed  value  that  was  used  to  determine  the annual tax attributable to improvements, and which is not reduced by any  exemption from real property taxes.  (g)  "Commissioner  of finance" means the commissioner of finance of a city having a population of one million or more, or his or her designee.  (h) "Department of finance" means the department of finance of a  city having a population of one million or more.  (i)  "Improvements" means buildings and other articles and structures, substructures and superstructures erected upon, under or above the land, or affixed thereto, including bridges and  wharves  and  piers  and  the value of the right to collect wharfage, cranage or dockage thereon.  (j)  "Physical decrease" means the decrease in assessed value from the assessed  value  on  the  preceding  assessment  roll  as  a  result  of destruction  of property caused by the severe storm that occurred on the twenty-ninth  and  thirtieth  of  October,  two  thousand  twelve,  such decrease  to  which subdivision five of section eighteen hundred five of this article applies.  (k) "Physical increase" means the increase in assessed value from  the assessed  value  on  the  preceding  assessment  roll  as a result of an addition to or improvement of existing  real  property  as  provided  in subdivision  five  of section eighteen hundred five of this article, for the purpose of reconstruction or repair in connection  with  the  damage caused  by  the  severe  storm  that  occurred  on  the twenty-ninth and thirtieth of October,  two  thousand  twelve,  such  increase  to  which  subdivision  five  of  section  eighteen  hundred  five  of this article applies subject to the provisions of this section.  (l)  "Total square footage of the improvements on the property" means, with respect to an assessment roll,  the  square  footage  used  by  the department  of finance in determining the assessed value attributable to improvements on the real property for such assessment roll.  (m)  "Transitional  assessed  value"  is  the  transition   assessment calculated  pursuant  to  subdivision  three of section eighteen hundred five of this article, and which is not reduced  by  any  exemption  from real property taxes.   3.  Affected  real  property.  For purposes of this section, "affected real property" means any tax  lot  that  contained,  on  the  applicable taxable status date, class one, class two or class four real property as such  class  of  real  property is defined in subdivision one of section eighteen hundred two of this article, as to which:  (a) the department of finance reduced the assessed value  attributable to improvements on the property for the assessment roll completed in two thousand  thirteen  from the assessed value attributable to improvements on the property for the assessment roll completed in two thousand twelve as a result of damage caused by the severe storm that  occurred  on  the twenty-ninth and thirtieth of October, two thousand twelve; and  (b)   the   department   of   finance  increased  the  assessed  value attributable to improvements on the property  by  means  of  a  physical increase  for  an  assessment  roll completed from two thousand fourteen through two thousand twenty.   4.  Limitation  on  increases  of  assessed   value.   Notwithstanding subdivision  five  of  section eighteen hundred five of this article and any other provision to the contrary, increases in the assessed value  of affected  real property shall be limited in the manner specified in this subdivision.  (a) Except as provided in  paragraph  (c)  of  this  subdivision,  for affected  real  property for which the assessed values on the assessment rolls completed in two thousand fourteen and two thousand fifteen do not reflect a physical  increase,  the  amount  of  the  aggregate  physical increase  shall not exceed the amount of the physical decrease reflected in the assessed value on the assessment roll completed in  two  thousand thirteen.  Any  increase  in  assessed  value from the preceding year in excess of the physical increase reflected in the current assessed value, such physical increase limited as provided in  the  preceding  sentence, shall   be   subject   to  the  limitations  on  increases  provided  in subdivisions one, two and three of section eighteen hundred five of this article. In no event shall the  assessed  value  of  the  affected  real property  appearing  on  an assessment roll completed for any given year from two thousand  fifteen  to  two  thousand  twenty  exceed  what  the assessed  value would have been that year but for any physical decreases or physical increases reflected in the assessed values on the assessment rolls completed from two thousand thirteen to two thousand twenty.  (b) For affected real property for which the  assessed  value  on  the assessment  roll  completed  in  two  thousand  fourteen or two thousand fifteen reflects a physical increase, the assessed value as it  appeared on  the  assessment  roll  completed  in  two  thousand fifteen shall be recalculated as if the limitation in paragraph (a) of  this  subdivision had  been  in  effect for the assessment rolls completed in two thousand fourteen and two thousand fifteen. The  recalculation  of  the  assessed value  that  appeared  on  the assessment roll completed in two thousand fifteen shall not affect the amount of taxes that were due  and  payable for  the  fiscal  year  beginning  on  the  first  of July, two thousand fourteen. The assessed value on the assessment rolls completed for  each  of  the  years from two thousand sixteen to two thousand twenty shall be subject to the limitation on increases provided in paragraph (a) of this subdivision. Notwithstanding  section  fifteen  hundred  twelve  of  the charter of the city of New York and any other provision to the contrary, the commissioner of finance is authorized to correct as provided in this paragraph  the assessed value of affected real property appearing on the assessment roll completed in two thousand fifteen. Such correction shall be made no later than ninety days after the effective date  of  a  local law adopted in accordance with this section.  (c) Notwithstanding paragraphs (a) and (b) of this subdivision, in the event  that the total square footage of the improvements on the affected real property appearing  on  any  assessment  roll  completed  from  two thousand  fourteen  to  two  thousand  twenty  exceeds  the total square footage of the improvements on the property appearing on the  assessment roll  completed  in  two  thousand  twelve,  the amount of the aggregate physical increase shall not exceed the amount  computed  by  multiplying the  sum  of  the  physical  increases  as  calculated  subject  to this subdivision by a fraction, the numerator of which is equal to the amount of the total square footage of the improvements on the property for  the current  assessment  roll,  and the denominator of which is equal to the amount of the total square footage of the improvements on  the  property for  the  assessment roll completed in two thousand twelve. For purposes of this paragraph, if improvements on the property located  below  grade were not included in the total square footage of the improvements on the property  for the assessment roll completed in two thousand twelve, such improvements shall not be included  in  the  total  square  footage  for subsequent  assessment  rolls if the improvements were moved above grade or other building elevations were constructed on the property to prevent or mitigate flooding as part of reconstruction or repair  in  connection with  the  damage  caused  by  the  severe  storm  that  occurred on the twenty-ninth and thirtieth of October, two thousand twelve.   5. Rulemaking. The commissioner of  finance  shall  be  authorized  to promulgate rules necessary to effectuate the purposes of this section.