2023 New York Laws › RPT - Real Property Tax › Article 4 - Exemptions › Title 2 - Private Property › 467-H - Partial Abatement for Certain Rebuilt Real Property Seriously 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.

§ 467-h. Partial abatement for certain rebuilt real property seriously
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  grant  a
partial  abatement  of real property taxes for the fiscal year beginning
on the first of July, two thousand fourteen, in the amount  provided  in
this  section  to eligible real property as defined in subdivision three
of this section on the first of July, two thousand  fourteen.  If  legal
title  to  eligible  real  property is held by one or more trustees, the
beneficial owner or owners shall be  deemed  to  own  the  property  for
purposes  of this section. Notwithstanding any provision of this article
to the contrary, a property that is receiving benefits pursuant  to  any
other  section  of this article shall not be prohibited from receiving a
partial abatement pursuant to this section if such property is otherwise
eligible to receive such abatement.
2. Definitions. As used in this section:
a. "Actual assessed valuation" means the assessed  valuation  of  real
property prior to the calculation of any transitional assessed valuation
pursuant  to  subdivision three of section eighteen hundred five of this
chapter, and which is not reduced by any exemption  from  real  property
taxes.
b.  "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.
c. "Annual tax attributable to improvements" 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, multiplied by  a  fraction,
the  numerator  of  which  is  equal  to  the  assessed valuation of the
property for such fiscal year that is attributable to  the  improvements
on  the  property,  and  the  denominator of which is the total assessed
valuation of the property for such fiscal year.
d. "Assessed valuation" means the assessed valuation of real  property
that  was  used to determine the annual tax as defined in paragraph b of
this subdivision, 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  chapter  to  which  subdivision three of section eighteen
hundred five of this chapter applies,  unless  otherwise  provided,  the
assessed  valuation  is  the  lower  of the actual assessed valuation as
defined in paragraph a of this  subdivision  and  transitional  assessed
valuation as defined in paragraph j of this subdivision.
e.  "Assessed  valuation  attributable  to  improvements"  means  that
portion of the assessed valuation of real  property  that  was  used  to
determine  the  annual  tax  attributable  to improvements as defined in
paragraph c of this  subdivision,  and  which  is  not  reduced  by  any
exemption from real property taxes.
f.  "Commissioner  of  finance" means the commissioner of finance of a
city having a population of one million or more, or his or her designee.
g. "Department of finance" means the department of finance of  a  city
having a population of one million or more.
h.  "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.
i.  "Total  square footage of the improvements on the property" means,
with respect to a fiscal year, the square footage used by the department
of  finance  in  determining  the  assessed  valuation  attributable  to
improvements on the property for such fiscal year.
j.   "Transitional  assessed  valuation"  is  the  assessed  valuation
calculated pursuant to subdivision three  of  section  eighteen  hundred
five  of  this  chapter,  and which is not reduced by any exemption from
real property taxes.
3. Eligible real property. For purposes  of  this  section,  "eligible
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 chapter, as to which:
a.   the   department   of  finance  reduced  the  assessed  valuation
attributable to  improvements  on  the  property  for  the  fiscal  year
beginning  on the first of July, two thousand thirteen from the assessed
valuation attributable to improvements on the property  for  the  fiscal
year  beginning on the first of July, 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;
b.   the  department  of  finance  increased  the  assessed  valuation
attributable to  improvements  on  the  property  for  the  fiscal  year
beginning  on the first of July, two thousand fourteen from the assessed
valuation attributable to improvements on the property  for  the  fiscal
year beginning on the first of July, two thousand thirteen; and
c. the assessed valuation attributable to improvements on the property
for  the  fiscal  year  beginning  on  the  first  of July, two thousand
fourteen exceeds the assessed valuation attributable to improvements  on
the  property  for  the  fiscal year beginning on the first of July, two
thousand twelve.
4. Amount of partial abatement. a. Except as provided in  paragraph  c
of  this  subdivision,  eligible  real  property shall receive a partial
abatement of the real property taxes due on such property equal  to  the
amount  by  which (1) the annual tax on the property for the fiscal year
beginning on the first of July, two thousand fourteen  exceeds  (2)  the
annual tax on the property for the fiscal year beginning on the first of
July, two thousand twelve.
b.  Notwithstanding  paragraph  a  of  this  subdivision and except as
provided in paragraph c of this subdivision, the amount of  the  partial
abatement  of  the  real  property  taxes  due on eligible real property
classified as class two or  class  four  real  property  as  defined  in
subdivision one of section eighteen hundred two of this chapter to which
subdivision  three  of  section  eighteen  hundred  five of this chapter
applies shall be equal to the amount of (1) the increase in  the  actual
assessed  valuation attributable to an addition to or improvement of the
property as provided in subdivision five  of  section  eighteen  hundred
five of this chapter for the fiscal year beginning on the first of July,
two  thousand  fourteen,  (2)  reduced  by  the  increase  in the actual
assessed valuation attributable to an addition to or improvement of  the
property  as  provided  in  subdivision five of section eighteen hundred
five of this chapter for the fiscal year beginning on the first of July,
two thousand fourteen, multiplied by a fraction, the numerator of  which
is  the transitional assessed valuation for the fiscal year beginning on
the first of July, two thousand thirteen, and the denominator  of  which
is  the  actual  assessed valuation for the fiscal year beginning on the
first of July,  two  thousand  thirteen,  (3)  multiplied  by  the  real

property tax rate that is applicable to the property for the fiscal year
beginning  on  the  first  of July, two thousand fourteen. Eligible real
property shall not be eligible for an abatement under  this  section  if
the  fraction  calculated in subparagraph two of this paragraph is equal
to or greater than one.
c. In the event that the total square footage of the  improvements  on
the  property  for  the  fiscal year beginning on the first of July, two
thousand fourteen exceeds the total square footage of  the  improvements
on  the property for the fiscal year beginning on the first of July, two
thousand twelve, the amount of the partial abatement shall be the amount
computed by multiplying the amount calculated under paragraph a or b  of
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 fiscal year beginning on the first of July, two thousand twelve,
and  the denominator of which is equal to the amount of the total square
footage of  the  improvements  on  the  property  for  the  fiscal  year
beginning on the first of July, two thousand fourteen.
d.  For  property  held  in  the  cooperative  form  of ownership, the
abatement shall be credited to each unit therein in an amount  equal  to
that  proportion of the amount calculated under this subdivision that is
attributable  to  such  unit,  as   determined   by   the   proportional
relationship  of the owner's share or shares of stock in the cooperative
corporation that owns such real property to the total outstanding  stock
of the cooperative corporation.
e. Eligible real property shall not be eligible for an abatement under
this  section if the amount of the abatement calculated pursuant to this
subdivision exceeds the annual tax on the property for the  fiscal  year
beginning on the first of July, two thousand fourteen.
5. Recovery of erroneous abatement.
a. For purposes of this section, an "erroneous abatement" means that:
(1) an abatement was granted to a property that was not entitled to an
abatement under this section, or
(2)  an  abatement  was  applied  or  calculated  in  error under this
section.  In such event, the amount of the erroneous abatement shall  be
equal  to  the difference between the amount of the abatement originally
received and the amount to which the property was entitled.
b. If the commissioner of finance determines that a property  received
an erroneous abatement, he or she shall recover such erroneous abatement
by  deducting  the  amount of the erroneous abatement from any refund or
rebate otherwise payable to the owner, and any balance of the amount  of
the  erroneous abatement remaining unpaid shall constitute a tax lien on
the real property, as of the due and payable date provided on  the  next
tax  bill  mailed by the commissioner of finance containing such amount.
If such amount is not paid by such due and payable date, interest at the
rate applicable to delinquent real property taxes on such property shall
be charged and collected on such amount from the due  and  payable  date
provided  on  such notice to the date of payment. Such tax lien shall be
enforceable in accordance with the provisions of  law  relating  to  the
enforcement of tax liens in any such city.
6.  Reduction  of  assessed  value. If the taxable assessed value of a
property for the fiscal  year  beginning  on  the  first  of  July,  two
thousand  fourteen  is  reduced  after the assessment roll applicable to
such fiscal year becomes final, any abatement already  granted  pursuant
to  this  section  shall be adjusted accordingly. The difference between
the original abatement and the adjusted abatement shall be deducted from
any credit otherwise due.
7. Rulemaking. The commissioner of  finance  shall  be  authorized  to
promulgate rules necessary to effectuate the purposes of this section.