NY S03702

Authorizes cities with populations of one million or more to grant real property tax rebates for the fiscal year beginning July 1, 2012, to owners of properties seriously damaged by the severe storm of October 29-30, 2012.

Defines eligible real property as Class One, Two, or Four properties containing buildings designated by the Department of Buildings as seriously damaged, unsafe, demolished, or requiring repairs due to storm damage.

Rebate amount equals two-thirds of annual tax multiplied by a fraction representing the ratio of assessed valuation attributable to improvements to total assessed valuation, with a $10,000 cap for Class Four properties.

Commissioner of Finance shall mail rebates to property owners or apply as credits against taxes, with special provisions for cooperative housing developments to distribute rebates to the cooperative corporation.

Establishes procedures for recovery of erroneous rebates, treatment of rebates in tax assessment proceedings, and authorizes the Commissioner to promulgate implementing rules.