NY S03688

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

Limits aggregate physical increases in assessed value for affected real property to not exceed the physical decrease reflected in the 2013 assessment roll, with increases capped through 2020

Allows recalculation of 2015 assessment values for properties that received physical increases in 2014-2015, without affecting taxes due for fiscal year beginning July 1, 2014

Permits exclusion of below-grade improvements from square footage calculations if such improvements were relocated above grade or building elevations were constructed to prevent flooding during storm recovery

Grants the Commissioner of Finance authority to promulgate rules and correct assessed values on the 2015 assessment roll within 90 days of local law adoption