NY S07257

Authorizes cities with populations exceeding one million to adopt local laws granting partial property tax abatements for the fiscal year beginning July 1, 2014, to properties damaged by the severe storm of October 29-30, 2012 and subsequently rebuilt.

Eligible properties must be Class One, Two, or Four real property that had reduced assessed valuations for improvements in fiscal year 2013 due to storm damage, followed by increased valuations in fiscal year 2014, with the 2014 valuation exceeding the 2012 valuation.

Abatement amount equals the difference between annual taxes owed in fiscal year 2014 versus fiscal year 2012, with adjustments for Class Two and Four properties subject to transitional assessed valuations and properties where reconstruction square footage exceeds original square footage.

Erroneous abatements must be recovered by the Commissioner of Finance through deduction from refunds or as tax liens bearing interest at delinquent tax rates, and abatements must be adjusted if assessed values are reduced after the assessment roll becomes final.

Commissioner of Finance is authorized to promulgate rules necessary to implement the abatement program.