S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   39

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 9, 2013
                               ___________

Introduced  by  M.  of  A.  SILVER, GOLDFEDER, CUSICK, TITUS, BENEDETTO,
  BROOK-KRASNY, CYMBROWITZ, GLICK, ORTIZ, TITONE, WEINSTEIN,  MAISEL  --
  read once and referred to the Committee on Real Property Taxation

AN ACT enacting the New York City Hurricane Sandy assessment relief act

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Short title. This act shall be known and may  be  cited  as
the "New York City Hurricane Sandy Assessment Relief Act".
  S  2.  Definitions.  For the purposes of this act, the following terms
shall have the following meanings:
  1. "Catastrophically impacted property" shall mean a property which is
located in a city with a population of one million or  more,  and  which
lost fifty percent or more of its value as a result of Hurricane Sandy.
  2.  "Impacted assessment roll" shall mean the assessment roll that was
finalized in the calendar year 2012.
  3. "Hurricane Sandy" shall mean the storms,  rains,  or  floods  which
occurred  within  a city with a population of one million or more during
the period beginning on October 29, 2012 and ending November 3, 2012.
  S 3. Local option. A city with a population of one million or more may
exercise the provisions of this act if its governing body shall, by  the
forty-fifth  day  following  the date upon which this act is approved by
the governor, pass a resolution adopting the provisions of this act.
  S 4. Assessment relief  for  flood  victims.  1.  Notwithstanding  any
provision  of  law  to the contrary, where property was catastrophically
impacted  by  Hurricane  Sandy,  provided  such  city  has  adopted  the
provisions of this act, assessment relief shall be granted as follows:
  (a) If the property lost at least fifty but less than sixty percent of
its  value  due  to  Hurricane  Sandy, the taxable assessed value of the
property shall be reduced by fifty-five percent for the impacted assess-
ment roll.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
              

A                                                          LBD04676-01-3

A. 39                               2

  (b) If the property lost at least sixty but less than seventy  percent
of  its  value due to Hurricane Sandy, the taxable assessed value of the
property shall be reduced by sixty-five percent for the impacted assess-
ment roll.
  (c) If the property lost at least seventy but less than eighty percent
of  its  value due to Hurricane Sandy, the taxable assessed value of the
property shall be reduced  by  seventy-five  percent  for  the  impacted
assessment roll.
  (d)  If the property lost at least eighty but less than ninety percent
of its value due to Hurricane Sandy, the taxable assessed value  of  the
property  shall  be  reduced  by  eighty-five  percent  for the impacted
assessment roll.
  (e) If the property lost at least ninety but  less  than  one  hundred
percent  of its value due to Hurricane Sandy, the taxable assessed value
of the property shall be reduced by ninety-five percent for the impacted
assessment roll.
  (f) If the property lost all of its value due to Hurricane Sandy,  the
taxable  assessed value of the property shall be reduced to zero for the
impacted assessment roll.
  (g) The percentage loss in value for the purpose of this act shall  be
determined  by  the  New  York  city department of finance in the manner
provided by this act, subject to review by the New York city tax commis-
sion.
  (h) No reduction in taxable assessed value shall be  granted  pursuant
to this act except as specified above.
  2.  To  receive  such  relief pursuant to this act, the property owner
shall submit a written request  to  the  New  York  city  department  of
finance  within  ninety  days  following the date upon which this act is
approved by the governor. Such request  need  not  be  in  a  particular
format  but shall describe in reasonable detail the damage caused to the
property by Hurricane Sandy and the condition of the property  following
the  hurricane,  and shall be accompanied by supporting documentation if
available.
  3. Upon receiving such a request, the  New  York  city  department  of
finance  shall  make  a finding as to whether the property lost at least
half of its value as a result of Hurricane Sandy, and if so, shall clas-
sify the percentage loss of value within one of the following ranges:
  (a) at least fifty percent but less than sixty percent,
  (b) at least sixty percent but less than seventy percent,
  (c) at least seventy percent but less than eighty percent,
  (d) at least eighty percent but less than ninety percent,
  (e) at least ninety percent but less than one hundred percent, or
  (f) one hundred percent.
  4. The New York city  department  of  finance  shall  provide  written
notice  of  such  finding  to the property owner. The property owner may
appeal the New York city department of finance's finding to the New York
city tax commission. Upon receipt of such appeal, the New York city  tax
commission  shall reconvene upon ten days written notice to the property
owner and the New York city department of finance to hear the appeal and
determine the matter, and shall provide written notice of  its  determi-
nation  to  the  New York city department of finance and property owner.
The provisions of article 5 of the real property tax  law  shall  govern
the review process to the extent practicable.
  5.  Where  property  has  been  determined to have lost at least fifty
percent of its value due to Hurricane Sandy, the taxable assessed  value
of  the property on the impacted assessment roll shall be reduced by the

A. 39                               3

appropriate percentage specified in subdivision  one  of  this  section,
provided  that  any exemptions which the property may be receiving shall
be adjusted as necessary to account for such reduction  in  the  taxable
assessed value. To the extent the taxable assessed value of the property
originally  appearing on such roll exceeds the amount to which it should
be reduced pursuant to this act, the excess shall be considered a  cler-
ical  error.  The error shall be corrected, and a refund or credit shall
be provided in a manner consistent with section 11-206 of  the  adminis-
trative code of the city of New York.
  6.  The  rights contained in this act shall not otherwise diminish any
other legally available right of any property owner  or  party  who  may
otherwise  lawfully  challenge  the  valuation or assessment of any real
property or improvements thereon. All remaining rights hereby remain and
shall be available to the party to whom such rights would  otherwise  be
available notwithstanding this act.
  S  5.  School  district held harmless. The city school district of the
city of New York shall be held harmless by the state for  any  reduction
in  state  aid  that  would  have  been  paid as tax savings pursuant to
section 1306-a of  the  real  property  tax  law  incurred  due  to  the
provisions of this act.
  S  6.  This  act  shall take effect immediately and shall be deemed to
have been in full force and effect on and after October 26, 2012.