S T A T E   O F   N E W   Y O R K
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                                   10872
 
                           I N  A S S E M B L Y
 
                               July 24, 2020
                                ___________
 
 Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Cymbrowitz)
   -- read once and referred to the Committee on Real Property Taxation
 
 AN ACT to amend the real property tax  law,  in  relation  to  extending
   certain  dates  relating to the assessment of real property damaged by
   the severe storm that occurred on the twenty-ninth  and  thirtieth  of
   October  two  thousand  twelve  in  a  city having a population of one
   million or more
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Paragraph (b) of subdivision 2, paragraph (b) of subdivi-
 sion 3 and subdivision 4 of section 1805-a of the real property tax law,
 as added by chapter 14 of the laws of  2015,  are  amended  to  read  as
 follows:
   (b)  "Aggregate physical increase" means the sum of physical increases
 for assessment rolls completed from two thousand  fourteen  through  two
 thousand [twenty] TWENTY-TWO.
   (b)  the  department of finance increased the assessed value attribut-
 able to improvements on the property by means of a physical increase for
 an assessment roll completed from  two  thousand  fourteen  through  two
 thousand [twenty] TWENTY-TWO.
   4. Limitation on increases of assessed value. Notwithstanding subdivi-
 sion five of section eighteen hundred five of this article and any other
 provision  to  the contrary, increases in the assessed value of affected
 real property shall be limited in the manner specified in this  subdivi-
 sion.
   (a)  Except  as  provided  in  paragraph  (c) of this subdivision, for
 affected real property for which the assessed values on  the  assessment
 rolls completed in two thousand fourteen and two thousand fifteen do not
 reflect  a  physical  increase,  the  amount  of  the aggregate physical
 increase shall not exceed the amount of the physical decrease  reflected
 in  the  assessed value on the assessment roll completed in two thousand
 thirteen. Any increase in assessed value  from  the  preceding  year  in
 excess of the physical increase reflected in the current assessed value,
 such  physical  increase  limited as provided in the preceding sentence,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
              

                       [ ] is old law to be omitted.
                                                            LBD16850-01-0

 A. 10872                            2
 
 shall be subject to the limitations on increases  provided  in  subdivi-
 sions  one, two and three of section eighteen hundred five of this arti-
 cle. In no event shall the assessed value of the affected real  property
 appearing  on  an  assessment roll completed for any given year from two
 thousand fifteen to two thousand [twenty]  TWENTY-TWO  exceed  what  the
 assessed  value would have been that year but for any physical decreases
 or physical increases reflected in the assessed values on the assessment
 rolls completed from two thousand  thirteen  to  two  thousand  [twenty]
 TWENTY-TWO.
   (b)  For  affected  real  property for which the assessed value on the
 assessment roll completed in  two  thousand  fourteen  or  two  thousand
 fifteen  reflects a physical increase, the assessed value as it appeared
 on the assessment roll completed in two thousand fifteen shall be recal-
 culated as if the limitation in paragraph (a) of  this  subdivision  had
 been  in effect for the assessment rolls completed in two thousand four-
 teen and two thousand fifteen. The recalculation of the  assessed  value
 that  appeared  on the assessment roll completed in two thousand fifteen
 shall not affect the amount of taxes that were due and payable  for  the
 fiscal  year  beginning on the first of July, two thousand fourteen. The
 assessed value on the assessment rolls completed for each of  the  years
 from  two  thousand sixteen to two thousand [twenty] TWENTY-TWO shall be
 subject to the limitation on increases provided in paragraph (a) of this
 subdivision. Notwithstanding section fifteen hundred twelve of the char-
 ter of the city of New York and any other provision to the contrary, the
 commissioner of finance is authorized to correct  as  provided  in  this
 paragraph  the assessed value of affected real property appearing on the
 assessment roll completed in two thousand fifteen. Such correction shall
 be made no later than ninety days after the effective date  of  a  local
 law adopted in accordance with this section.
   (c) Notwithstanding paragraphs (a) and (b) of this subdivision, in the
 event  that the total square footage of the improvements on the affected
 real property appearing on any assessment roll completed from two  thou-
 sand  fourteen  to  two  thousand  [twenty] TWENTY-TWO exceeds the total
 square footage of the improvements on  the  property  appearing  on  the
 assessment  roll  completed  in  two  thousand twelve, the amount of the
 aggregate physical increase shall not  exceed  the  amount  computed  by
 multiplying  the  sum of the physical increases as calculated subject to
 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 current assessment roll, and the denominator of which  is  equal
 to  the  amount  of  the total square footage of the improvements on the
 property for the assessment roll completed in two thousand  twelve.  For
 purposes  of  this  paragraph,  if  improvements on the property located
 below grade were not  included  in  the  total  square  footage  of  the
 improvements  on  the  property for the assessment roll completed in two
 thousand twelve, such improvements shall not be included  in  the  total
 square  footage for subsequent assessment rolls if the improvements were
 moved above grade or other building elevations were constructed  on  the
 property  to  prevent  or mitigate flooding as part of reconstruction or
 repair in connection with the damage caused by  the  severe  storm  that
 occurred  on  the  twenty-ninth  and  thirtieth of October, two thousand
 twelve.
   § 2. This act shall take effect immediately.