NY S07853

Amends Nassau County Administrative Code to establish a new method for levying and extending real property taxes on Class Four properties in special assessing units that are not cities, effective for the 2016-2017 tax roll and thereafter.

Requires taxes to be levied based on the final assessment roll, except when a timely petition under Real Property Tax Law Article Seven Title One has been filed, in which case taxes are levied on the assessment claimed in the petition (capped at 90 percent reduction unless the assessor determines otherwise).

Establishes a "Disputed Assessment Charge" on properties with pending tax assessment disputes, calculated as the difference between the final assessment and the assessment on the tax roll, multiplied by applicable tax rates, appearing as a separate line item on property tax bills.

Creates a Disputed Assessment Fund administered by the Nassau County Treasurer to collect disputed assessment charges, used solely to pay refunds resulting from settlements or final orders in assessment disputes, with any remaining monies distributed pro rata to the County, school districts, towns, and special districts.