S T A T E O F N E W Y O R K
________________________________________________________________________
6055
2015-2016 Regular Sessions
I N A S S E M B L Y
March 11, 2015
___________
Introduced by M. of A. GOLDFEDER -- read once and referred to the
Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to partial abate-
ment for certain rebuilt property
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivisions 1, 3, 4, and 6 of section 467-h of the real
property tax law, as added by chapter 25 of the laws of 2014, are
amended to read as follows:
1. Generally. Notwithstanding any provision of any general, special or
local law to the contrary, any city having a population of one million
or more is hereby authorized and empowered to adopt and amend local laws
in accordance with this section to grant a partial abatement of real
property taxes for the fiscal year beginning on the first of July, two
thousand [fourteen] FIFTEEN, in the amount provided in this section to
eligible real property as defined in subdivision three of this section
on the first of July, two thousand [fourteen] FIFTEEN. If legal title to
eligible real property is held by one or more trustees, the beneficial
owner or owners shall be deemed to own the property for purposes of this
section. Notwithstanding any provision of this article to the contrary,
a property that is receiving benefits pursuant to any other section of
this article shall not be prohibited from receiving a partial abatement
pursuant to this section if such property is otherwise eligible to
receive such abatement.
3. Eligible real property. For purposes of this section, "eligible
real property" means any tax lot that contained, on the applicable taxa-
ble status date, class one, class two or class four real property as
such class of real property is defined in subdivision one of section
eighteen hundred two of this chapter, as to which:
a. the department of finance reduced the assessed valuation attribut-
able to improvements on the property for the fiscal year beginning on
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD09294-01-5
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the first of July, two thousand thirteen from the assessed valuation
attributable to improvements on the property for the fiscal year begin-
ning on the first of July, two thousand twelve as a result of damage
caused by the severe storm that occurred on the twenty-ninth and thirti-
eth of October, two thousand twelve; AND
b. the department of finance increased the assessed valuation attrib-
utable to improvements on the property for the fiscal year beginning on
the first of July, two thousand [fourteen] FIFTEEN from the assessed
valuation attributable to improvements on the property for the fiscal
year beginning on the first of July, two thousand [thirteen] FOURTEEN;
and
c. the assessed valuation attributable to improvements on the property
for the fiscal year beginning on the first of July, two thousand [four-
teen] FIFTEEN exceeds the assessed valuation attributable to improve-
ments on the property for the fiscal year beginning on the first of
July, two thousand [twelve] THIRTEEN.
4. Amount of partial abatement. a. Except as provided in paragraph c
of this subdivision, eligible real property shall receive a partial
abatement of the real property taxes due on such property equal to the
amount by which (1) the annual tax on the property for the fiscal year
beginning on the first of July, two thousand [fourteen] FIFTEEN exceeds
(2) the annual tax on the property for the fiscal year beginning on the
first of July, two thousand [twelve] THIRTEEN.
b. Notwithstanding paragraph a of this subdivision and except as
provided in paragraph c of this subdivision, the amount of the partial
abatement of the real property taxes due on eligible real property clas-
sified as class two or class four real property as defined in subdivi-
sion one of section eighteen hundred two of this chapter to which subdi-
vision three of section eighteen hundred five of this chapter applies
shall be equal to the amount of (1) the increase in the actual assessed
valuation attributable to an addition to or improvement of the property
as provided in subdivision five of section eighteen hundred five of this
chapter for the fiscal year beginning on the first of July, two thousand
[fourteen] FIFTEEN, (2) reduced by the increase in the actual assessed
valuation attributable to an addition to or improvement of the property
as provided in subdivision five of section eighteen hundred five of this
chapter for the fiscal year beginning on the first of July, two thousand
[fourteen] FIFTEEN, multiplied by a fraction, the numerator of which is
the transitional assessed valuation for the fiscal year beginning on the
first of July, two thousand [thirteen] FOURTEEN, and the denominator of
which is the actual assessed valuation for the fiscal year beginning on
the first of July, two thousand [thirteen] FOURTEEN, (3) multiplied by
the real property tax rate that is applicable to the property for the
fiscal year beginning on the first of July, two thousand [fourteen]
FIFTEEN. Eligible real property shall not be eligible for an abatement
under this section if the fraction calculated in subparagraph two of
this paragraph is equal to or greater than one.
c. In the event that the total square footage of the improvements on
the property for the fiscal year beginning on the first of July, two
thousand [fourteen] FIFTEEN exceeds the total square footage of the
improvements on the property for the fiscal year beginning on the first
of July, two thousand [twelve] THIRTEEN, the amount of the partial
abatement shall be the amount computed by multiplying the amount calcu-
lated under paragraph a or b of this subdivision by a fraction, the
numerator of which is equal to the amount of the total square footage of
the improvements on the property for the fiscal year beginning on the
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first of July, two thousand [twelve] THIRTEEN, and the denominator of
which is equal to the amount of the total square footage of the improve-
ments on the property for the fiscal year beginning on the first of
July, two thousand [fourteen] FIFTEEN.
d. For property held in the cooperative form of ownership, the abate-
ment shall be credited to each unit therein in an amount equal to that
proportion of the amount calculated under this subdivision that is
attributable to such unit, as determined by the proportional relation-
ship of the owner's share or shares of stock in the cooperative corpo-
ration that owns such real property to the total outstanding stock of
the cooperative corporation.
e. Eligible real property shall not be eligible for an abatement under
this section if the amount of the abatement calculated pursuant to this
subdivision exceeds the annual tax on the property for the fiscal year
beginning on the first of July, two thousand [fourteen] FIFTEEN.
6. Reduction of assessed value. If the taxable assessed value of a
property for the fiscal year beginning on the first of July, two thou-
sand [fourteen] FIFTEEN is reduced after the assessment roll applicable
to such fiscal year becomes final, any abatement already granted pursu-
ant to this section shall be adjusted accordingly. The difference
between the original abatement and the adjusted abatement shall be
deducted from any credit otherwise due.
S 2. This act shall take effect immediately and shall apply to taxable
years beginning on and after January 1, 2015.