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Assembly Bill A1570

2019-2020 Legislative Session

Provides that residential real property which sustained 50% or greater damage in Hurricane Sandy, and is rebuilt shall be assessed at its pre-Sandy market value

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Archive: Last Bill Status - In Assembly Committee

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2019-A1570 (ACTIVE) - Details

See Senate Version of this Bill:
S2642
Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §305, RPT L
Versions Introduced in Other Legislative Sessions:
2013-2014: S6372
2015-2016: S4585
2017-2018: A8357, S6188

2019-A1570 (ACTIVE) - Summary

Provides that residential real property which sustained 50% or greater damage in Hurricane Sandy, and is rebuilt shall be assessed at its pre-Sandy market value.

2019-A1570 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1570
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 15, 2019
                                ___________
 
 Introduced  by  M.  of A. PHEFFER AMATO -- read once and referred to the
   Committee on Real Property Taxation
 
 AN ACT to amend the real property tax law, in relation to assessment  of
   residential  real  property  catastrophically  impacted  by superstorm
   Sandy
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.  Section  305  of  the real property tax law is amended by
 adding a new subdivision 4 to read as follows:
   4. (A) FOR THE PURPOSES OF THIS SUBDIVISION:
   (I) "CATASTROPHICALLY IMPACTED PROPERTY" MEANS RESIDENTIAL REAL  PROP-
 ERTY  WHICH LOST FIFTY PERCENT OR MORE OF ITS IMPROVED VALUE AS A RESULT
 OF SUPERSTORM SANDY.
   (II) "IMPROVED VALUE" MEANS THE MARKET  VALUE  OF  THE  REAL  PROPERTY
 IMPROVEMENT EXCLUDING THE LAND.
   (III)  "SUPERSTORM  SANDY"  MEANS  THE STORMS, RAINS, WINDS AND FLOODS
 WHICH OCCURRED DURING THE PERIOD BEGINNING ON OCTOBER TWENTY-NINTH,  TWO
 THOUSAND TWELVE AND ENDING NOVEMBER THIRD, TWO THOUSAND TWELVE.
   (IV) "TOTAL ASSESSED VALUE" MEANS THE TOTAL ASSESSED VALUE OF A PARCEL
 PRIOR TO ANY AND ALL EXEMPTION ADJUSTMENTS.
   (B) CATASTROPHICALLY IMPACTED PROPERTY, WHICH IS REPAIRED, IMPROVED OR
 RECONSTRUCTED  TO  REPAIR  DAMAGE  CAUSED BY SUPERSTORM SANDY AND COMPLY
 WITH STATE AND LOCAL BUILDING CODES AND HEIGHT  RESTRICTIONS,  SHALL  BE
 ASSESSED  AT AND THE TOTAL ASSESSED VALUE THEREOF SHALL BE A VALUE WHICH
 IS EQUAL TO THE IMPROVED VALUE OF SUCH REAL PROPERTY PRIOR TO THE DAMAGE
 CAUSED BY SUPERSTORM SANDY, AND NOT THE FULL VALUE OF SUCH PROPERTY.
   § 2. This act shall take effect immediately and  shall  apply  to  tax
 rolls issued on or after such date.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03744-01-9

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