NY A00416

Repeals and replaces section 467-n of the real property tax law to provide property tax assessment relief for residential properties (3 or fewer dwelling units) and qualifying small businesses damaged by major or local disasters in participating municipalities

Establishes a tiered exemption system based on percentage of improved value lost, ranging from 15% reduction for properties losing 10-20% of value up to 100% reduction for total loss, with relief available on the impacted tax roll plus up to four prospective tax years

Allows local governments (counties, cities under 1 million population, towns, villages, school districts, and special districts) to opt in by passing a local law, ordinance, or resolution after a public hearing, with authority to set minimum damage floors (up to 50%) and maximum benefit ceilings

Applies retroactively to disasters occurring on or after January 1, 2020, with a presumption of local disaster status for damages between January 1, 2020 and six months after the law's effective date even without a formal emergency declaration

Requires school districts to be held harmless by the state for any reduction in state aid that would have resulted from property tax savings under this section