§ 467-h. Partial abatement for certain rebuilt real property seriously
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. 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, 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. 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.

2. Definitions. As used in this section:

a. "Actual assessed valuation" means the assessed valuation of real
property prior to the calculation of any transitional assessed valuation
pursuant to subdivision three of section eighteen hundred five of this
chapter, and which is not reduced by any exemption from real property
taxes.

b. "Annual tax" means the amount of real property tax that is imposed
on a property for a fiscal year, determined after reduction for any
amount from which the property is exempt, or which is abated, pursuant
to applicable law.

c. "Annual tax attributable to improvements" means the amount of real
property tax that is imposed on a property for a fiscal year, determined
after reduction for any amount from which the property is exempt, or
which is abated, pursuant to applicable law, multiplied by a fraction,
the numerator of which is equal to the assessed valuation of the
property for such fiscal year that is attributable to the improvements
on the property, and the denominator of which is the total assessed
valuation of the property for such fiscal year.

d. "Assessed valuation" means the assessed valuation of real property
that was used to determine the annual tax as defined in paragraph b of
this subdivision, and which is not reduced by any exemption from real
property taxes. For real property classified as class two or class four
real property as defined in subdivision one of section eighteen hundred
two of this chapter to which subdivision three of section eighteen
hundred five of this chapter applies, unless otherwise provided, the
assessed valuation is the lower of the actual assessed valuation as
defined in paragraph a of this subdivision and transitional assessed
valuation as defined in paragraph j of this subdivision.

e. "Assessed valuation attributable to improvements" means that
portion of the assessed valuation of real property that was used to
determine the annual tax attributable to improvements as defined in
paragraph c of this subdivision, and which is not reduced by any
exemption from real property taxes.

f. "Commissioner of finance" means the commissioner of finance of a
city having a population of one million or more, or his or her designee.

g. "Department of finance" means the department of finance of a city
having a population of one million or more.

h. "Improvements" means buildings and other articles and structures,
substructures and superstructures erected upon, under or above the land,
or affixed thereto, including bridges and wharves and piers and the
value of the right to collect wharfage, cranage or dockage thereon.

i. "Total square footage of the improvements on the property" means,
with respect to a fiscal year, the square footage used by the department
of finance in determining the assessed valuation attributable to
improvements on the property for such fiscal year.

j. "Transitional assessed valuation" is the assessed valuation
calculated pursuant to subdivision three of section eighteen hundred
five of this chapter, and which is not reduced by any exemption from
real property taxes.

3. Eligible real property. For purposes of this section, "eligible
real property" means any tax lot that contained, on the applicable
taxable 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
attributable to improvements on the property for the fiscal year
beginning on the first of July, two thousand thirteen from the assessed
valuation attributable to improvements on the property for the fiscal
year beginning 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
thirtieth of October, two thousand twelve;

b. the department of finance increased the assessed valuation
attributable to improvements on the property for the fiscal year
beginning on the first of July, two thousand fourteen from the assessed
valuation attributable to improvements on the property for the fiscal
year beginning on the first of July, two thousand thirteen; and

c. the assessed valuation attributable to improvements on the property
for the fiscal year beginning on the first of July, two thousand
fourteen exceeds the assessed valuation attributable to improvements on
the property for the fiscal year beginning on the first of July, two
thousand twelve.

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 exceeds (2) the
annual tax on the property for the fiscal year beginning on the first of
July, two thousand twelve.

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
classified as class two or class four real property as defined in
subdivision one of section eighteen hundred two of this chapter to which
subdivision 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, (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, 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, and the denominator of which
is the actual assessed valuation for the fiscal year beginning on the
first of July, two thousand thirteen, (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. 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 exceeds the total square footage of the improvements
on the property for the fiscal year beginning on the first of July, two
thousand twelve, the amount of the partial abatement shall be the amount
computed by multiplying the amount calculated 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 first of July, two thousand twelve,
and the denominator 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 first of July, two thousand fourteen.

d. For property held in the cooperative form of ownership, the
abatement 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
relationship of the owner's share or shares of stock in the cooperative
corporation 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.

5. Recovery of erroneous abatement.

a. For purposes of this section, an "erroneous abatement" means that:

(1) an abatement was granted to a property that was not entitled to an
abatement under this section, or

(2) an abatement was applied or calculated in error under this
section. In such event, the amount of the erroneous abatement shall be
equal to the difference between the amount of the abatement originally
received and the amount to which the property was entitled.

b. If the commissioner of finance determines that a property received
an erroneous abatement, he or she shall recover such erroneous abatement
by deducting the amount of the erroneous abatement from any refund or
rebate otherwise payable to the owner, and any balance of the amount of
the erroneous abatement remaining unpaid shall constitute a tax lien on
the real property, as of the due and payable date provided on the next
tax bill mailed by the commissioner of finance containing such amount.
If such amount is not paid by such due and payable date, interest at the
rate applicable to delinquent real property taxes on such property shall
be charged and collected on such amount from the due and payable date
provided on such notice to the date of payment. Such tax lien shall be
enforceable in accordance with the provisions of law relating to the
enforcement of tax liens in any such city.

6. Reduction of assessed value. If the taxable assessed value of a
property for the fiscal year beginning on the first of July, two
thousand fourteen is reduced after the assessment roll applicable to
such fiscal year becomes final, any abatement already granted pursuant
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.

7. Rulemaking. The commissioner of finance shall be authorized to
promulgate rules necessary to effectuate the purposes of this section.