NY S01627

Creates a new tax abatement procedure for owner-occupied one, two, or three family residences that suffer "catastrophic loss," defined as total destruction or damage rendering all units unfit for habitation and unable to be repaired within 180 days

Property owners must file claims with the assessor within six months after completion of the final assessment roll, using a commissioner-prescribed form with a certification statement

Upon filing a claim, all tax collection efforts, interest, and penalty accruals are suspended; if the claim is approved, no interest or penalties are owed and any previously paid amounts are refunded

Claims are heard by the board of assessment review or assessment review commission and must be decided within two months after the filing deadline, with determinations communicated within five days

Requires the commissioner to promulgate regulations coordinating assessment rolls and tax levies across counties, cities, towns, school districts, and villages; takes effect 180 days after becoming law