NY S05923

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

Property owners may file abatement claims with local assessors within six months after the final assessment roll is completed if catastrophic loss occurred within six months after that completion date.

Upon filing a claim, tax collection efforts and accrual of interest and penalties are suspended; if the claim is approved, no interest or penalties are due and any previously paid amounts are refunded.

Claims are heard and decided by the board of assessment review or assessment review commission within two months of the filing deadline, with assessors required to correct the assessment roll within five days of a favorable determination.

Applies to all municipal corporations' tax levies and requires the commissioner to promulgate regulations coordinating assessment rolls and tax levies between counties, cities, towns, school districts, and villages.