NY A06055

Amends Real Property Tax Law section 467-h to extend partial tax abatement eligibility to the fiscal year beginning July 1, 2015 (previously limited to July 1, 2014) for cities with populations over one million.

Applies to properties damaged by the severe storm of October 29-30, 2012 where the department of finance reduced assessed valuations and subsequently increased them as reconstruction occurred.

Calculates abatement as the difference between current year taxes and taxes from the fiscal year beginning July 1, 2012, with special formulas for class two and four properties and those with increased square footage.

Prohibits abatement if the calculated amount exceeds the annual tax owed for the fiscal year beginning July 1, 2015, and requires adjustment of previously granted abatements if assessed values are later reduced.

Allows properties receiving this abatement to simultaneously receive benefits under other sections of the real property tax article.