NY S02128

Allows cities with a population of one million or more to adopt provisions providing property tax assessment relief for properties catastrophically impacted by Hurricane Sandy (occurring October 29 - November 3, 2012).

Establishes tiered reduction in taxable assessed values based on property value loss: 55% reduction for 50-60% loss, 65% for 60-70% loss, 75% for 70-80% loss, 85% for 80-90% loss, 95% for 90-100% loss, and zero value for total loss.

Requires property owners to submit written requests to the New York City Department of Finance within 90 days of the act's approval, with supporting documentation of damage and property condition.

Grants property owners the right to appeal the Department of Finance's valuation determination to the New York City Tax Commission, which shall hear and decide the appeal within ten days' written notice.

Requires the state to hold harmless the New York City School District for any reduction in state aid resulting from the assessment relief reductions.