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NY A10872
Bill
Status
7/24/2020
Primary Sponsor
Steven Cymbrowitz
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AI Summary
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Extends the period for assessing real property damaged by the October 29-30, 2012 storm from 2020 to 2022 for cities with populations over one million.
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Changes the "aggregate physical increase" calculation period for assessment rolls from 2014-2020 to 2014-2022.
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Limits increases in assessed value for affected properties so they do not exceed the physical decrease reflected in the 2013 assessment roll.
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Allows the Department of Finance to recalculate 2015 assessed values retroactively without affecting taxes due for fiscal year beginning July 1, 2014, with corrections completed within 90 days of local law adoption.
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Permits affected properties to exclude below-grade improvements from square footage calculations if those improvements were relocated above grade or elevated as part of storm damage reconstruction.
Legislative Description
Extends certain dates relating to the assessment of real property damaged by the severe storm that occurred on the twenty-ninth and thirtieth of October two thousand twelve in a city having a population of one million or more to 2022.
Last Action
referred to real property taxation
7/24/2020