2023 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.