NY A10739

Extends the timeframe for calculating aggregate physical increases in assessed values from 2014-2020 to 2014-2022 for properties damaged by the October 29-30, 2012 severe storm.

Modifies limitations on assessed value increases for affected properties by allowing assessors to recalculate 2015 assessed values retroactively as if the limitation had been in effect, without affecting taxes already due for fiscal year beginning July 1, 2014.

Allows aggregate physical increases to exceed damage-related decreases only up to the amount of the original physical decrease, with subsequent increases subject to standard tax law limitations through 2022.

Permits exclusion of below-grade improvements from square footage calculations if they were relocated above grade or building elevations were constructed to prevent flooding as part of storm reconstruction.