NY A05620

Authorizes cities with populations of one million or more to adopt local laws limiting assessed value increases for properties damaged by the October 29-30, 2012 severe storm.

Caps aggregate physical increases in assessed value from 2014-2020 to not exceed the physical decrease recorded in 2013, preventing properties from recovering beyond pre-damage assessed values.

For properties that received physical increases in 2014-2015, requires recalculation of 2015 assessed values as if the limitation had been in effect, without affecting taxes owed for fiscal year 2014-2015.

Allows properties reconstructed with increased square footage to apply a proportional adjustment to physical increases based on the ratio of new to original square footage, with special allowance for below-grade improvements moved above grade for flood mitigation.

Authorizes the Commissioner of Finance to correct 2015 assessment rolls within 90 days of a local law adoption and promulgate rules implementing these provisions.