NY A02016

Establishes a new tax abatement procedure for one, two, or three family owner-occupied residences that undergo catastrophic loss (total destruction or extensive damage making all units unfit for habitation for more than 180 days).

Property owners may file abatement claims with their local assessor within six months after completion of the final assessment roll if catastrophic loss occurred within six months after that same completion date.

Upon claim filing, tax collection efforts, interest accrual, and penalties are suspended; if the claim is sustained, any previously paid interest or penalties are refunded; if denied, collection and accrual resume retroactively.

The board of assessment review or assessment review commission must hear and decide all claims within two months of the filing deadline, and the assessor must correct the assessment roll within five days of a favorable determination.

The commissioner must promulgate regulations to coordinate the abatement process with school district and village tax levies; the act takes effect 180 days after enactment.