NY A05904

Authorizes cities with populations of one million or more to grant partial tax abatements for eligible real property damaged by the October 29-30, 2012 storm that has been rebuilt and reassessed.

Expands eligibility to include fiscal years beginning on or after July 1, 2014 (previously limited to July 1, 2014 only) for properties where assessed values on improvements have increased from the prior fiscal year.

Calculates abatement amounts as the difference between annual taxes in the current fiscal year and the preceding fiscal year, with special formulas for Class Two and Four properties and adjustments for increased square footage.

Prohibits abatement amounts from exceeding the annual tax due on the property and allows concurrent receipt of other tax benefits under the Real Property Tax Law.

Requires abatement adjustments if assessed values are reduced after the assessment roll becomes final, with the difference deducted from credits otherwise due.