N.Y. Real Property Tax Law § 467-h: Partial abatement for certain rebuilt real property seriously damaged by the severe storm that occurred on the twenty-ninth and thirtieth...

§ 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.