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Upon the cancellation of unpaid assessments, water and sewer rents by the city collector pursuant to section 11-353 of this title, the comptroller shall charge the unpaid amounts for assessments for local improvements, so cancelled, to the surplus in the appropriate assessment fund; the unpaid amounts for water charges, meter setting and repair, meter glasses and sewer rents, so cancelled, shall be deducted from the accounts receivable of the appropriate fund.
a. Imposition of surcharge. A real property tax surcharge is hereby imposed on class one property, as defined in section eighteen hundred two of the real property tax law, excluding vacant land, that provides rental income and is not the primary residence of the owner or owners of such class one property, or the primary residence of the parent or child of such owner or owners, in an amount equal to zero percent of the net real property taxes for fiscal years beginning on or after July first, two thousand six. As used in this section, "net real property tax" means the real property tax assessed on class one property after deduction for any exemption or abatement received pursuant to the real property tax law or this title.
b. Rental income, primary residence and/or relationship to owner or owners. The property shall be deemed to be the primary residence of the owner or owners thereof, if such property would be eligible to receive the real property tax exemption pursuant to section four hundred twenty-five of the real property tax law, regardless of whether such owner or owners has filed an application for, or the property is currently receiving, such exemption. Proof of primary residence and the resident's or residents' relationship to the owner or owners and the absence of rental income shall be in the form of a certification as required by the rules of the commissioner.
c. Rules. The department of finance shall have, in addition to any other functions, powers and duties which have been or may be conferred on it by law, the power to make and promulgate rules to carry out the purposes of this section, including, but not limited to, rules related to the timing, form and manner of any certification required to be submitted under this section.
d. Penalties.
1. Notwithstanding any provision of any general, special or local law to the contrary, an owner or owners shall be personally liable for any taxes owed pursuant to this section whenever such owner or owners fail to comply with this section or the rules promulgated hereunder, or makes a false or misleading statement or omission and the commissioner determines that such act was due to the owner or owners' willful neglect, or that under such circumstances such act constituted a fraud on the department. The remedy provided herein for an action in personam shall be in addition to any other remedy or procedure for the enforcement of collection of delinquent taxes provided by general, special or local law.
2. If the commissioner should determine, within three years from the filing of an application or certification pursuant to this section, that there was a material misstatement on such application or certification, he or she shall impose a penalty tax against the property of five hundred dollars, in accordance with the rules promulgated hereunder.
e. Cessation of use. In the event that a property granted an exemption from taxation pursuant to this section ceases to be used as the primary residence of such owner or owners or his, her or their parent or child, or produces rental income, such owner or owners shall so notify the commissioner.
1. For fiscal years beginning the first of July, two thousand three and ending the thirtieth of June, two thousand nine, a rebate in the amount of the lesser of four hundred dollars or the annual tax liability imposed on the property shall be paid to an owner or tenant-stockholder who, as of the date the application provided for in subdivision four of this section is due, owns a one, two or three family residence or a dwelling unit in residential property held in the condominium or cooperative form of ownership that is the owner or tenant-stockholder's primary residence and meets all other eligibility requirements of this section. If, with respect to the fiscal year beginning on the first of July, two thousand eight and ending on the thirtieth of June, two thousand nine, an increase in average real property tax rates would otherwise be necessary in the resolution of the city council fixing real property tax rates for such fiscal year pursuant to the charter, then the rebate to be paid for such fiscal year shall be reduced or eliminated as follows: where the sum to be raised by such increase is less than seven hundred fifty million dollars, then such rebate shall be reduced by fifty cents for each dollar of increase, and where the sum to be raised by such increase is seven hundred fifty million dollars or more, then such rebate shall be eliminated. Notwithstanding anything to the contrary in sections four hundred twenty-one-a, four hundred twenty-one-b or four hundred twenty-one-g of the real property tax law, an owner or tenant-stockholder whose property is receiving benefits pursuant to such sections shall not be prohibited from receiving a rebate pursuant to this section if such owner or tenant-stockholder is otherwise eligible to receive such rebate. Tenant-stockholders of dwelling units in a cooperative apartment corporation incorporated as a mutual company pursuant to article two, four, five or eleven of the private housing finance law shall not be entitled to the rebate authorized by this section. Such rebate shall be paid by the commissioner of finance to eligible owners or tenant-stockholders in accordance with rules promulgated by the commissioner of finance.
2. Eligibility requirements.
a. To qualify for the rebate pursuant to this section
(1) the property must be a one, two or three family residence or residential property held in the condominium or cooperative form of ownership;
(2) the property must serve as the primary residence of one or more of the owners or tenant-stockholders thereof; and
(3) the owner must not be in arrears in the payment of real property taxes in an amount in excess of twenty-five dollars for the fiscal year for which the rebate is claimed and all prior fiscal years, and for residential property held in the cooperative form of ownership, there must be no arrears in the payment of real property taxes in an amount in excess of an average of twenty-five dollars per dwelling unit in such cooperative apartment corporation for the fiscal year for which the rebate is claimed and all prior fiscal years.
b. If legal title to the property is held by one or more trustees, the beneficial owner or owners shall be deemed to own the property for purposes of this subdivision.
3. Definitions. As used in this section:
a. "Applicant" means the owner or owners or tenant-stockholder or tenant-stockholders of the property.
b. "Property" means a one, two or three family residence or a dwelling unit in residential property held in the condominium or cooperative form of ownership.
4. Application procedure. Application procedure.
a. Generally. An application for a rebate pursuant to this section for the fiscal year beginning the first of July, two thousand three, shall be made no later than the date published by the commissioner of finance in the city record and in other appropriate general notices pursuant to this subdivision, which date shall be no earlier than thirty days after enactment of a state law authorizing such rebate. An application for a rebate pursuant to this section for fiscal years beginning on or after the first of July, two thousand four and ending on the thirtieth of June, two thousand six, shall be made no later than the fifteenth of March of the fiscal year for which the rebate is claimed. An application for a rebate pursuant to this section for fiscal years beginning on or after the first of July, two thousand six, shall be made no later than the first of September following the fiscal year for which the rebate is claimed. All owners or tenant-stockholders of property who primarily reside thereon must jointly file an application for the rebate on or before the application deadline, unless such owners or tenant-stockholders currently receive a real property tax exemption pursuant to section four hundred twenty-five, four hundred fifty-eight, four hundred fifty-eight-a, four hundred fifty nine-c or four hundred sixty-seven of the real property tax law, in which case no separate application for a rebate pursuant to this section shall be required. Such application may be filed by mail if it is enclosed in a postpaid envelope properly addressed to the commissioner of finance, deposited in a post office or official depository under the exclusive care of the United States postal service, and postmarked by the United States postal service on or before the application deadline. Each such application shall be made on a form prescribed by the commissioner of finance, which shall require the applicant to agree to notify the commissioner of finance if his, her or their primary residence changes after receiving the rebate pursuant to this section, or after filing an application for such rebate, if his, her or their primary residence changes after filing such application, but before receiving such rebate. The commissioner of finance may request that proof of primary residence be submitted with the application. No rebate pursuant to this section shall be granted unless the applicant, if required to do so by this subdivision, files an application within the time periods prescribed in this subdivision.
b. Approval or denial of application. If the commissioner of finance determines that the applicant is entitled to the rebate pursuant to this section, the commissioner of finance shall approve the application and such owner or tenant-stockholder shall thereafter be entitled to the rebate as provided in this section. If the commissioner of finance determines that the applicant is not entitled to the rebate pursuant to this section, the commissioner of finance shall mail to each applicant not entitled to the rebate a notice of denial of that application for the rebate for that year in accordance with rules for denial of applications to be promulgated by the commissioner of finance. The notice of denial shall specify the reason for such denial and shall be sent on a form prescribed by the commissioner of finance. Failure to mail any such notice of denial or the failure of any applicant to receive such notice shall not prevent the levy, collection and enforcement of taxes on such applicant's property.
c. Proof of residency.
(1) Requests. From time to time, the commissioner of finance may request proof of residency from the owner or tenant-stockholder receiving a rebate pursuant to this section.
(2) Timing. A request for proof of residency shall be mailed at least sixty days prior to the ensuing application deadline. The owner or tenant-stockholder shall submit proof of his, her or their residency in an application to the commissioner of finance on or before the application deadline.
d. Review of submission. The burden shall be on the applicant to establish that the property is his, her or their primary residence and that any other requirements to obtain the rebate are satisfied. If the applicant submits proof of residency on or before the application deadline, and the submission demonstrates to the commissioner of finance's satisfaction that the property is the primary residence of the applicant, and if the requirements of this section are otherwise satisfied, the rebate shall be paid. Otherwise, the commissioner of finance shall discontinue the rebate and, where appropriate, shall proceed as further provided herein.
e. Oath. The commissioner of finance shall have the authority to require that statements made in connection with any application filed pursuant to this section be made under oath. Such application shall contain the following declaration: "I certify that all information contained in this application is true and correct to the best of my knowledge and belief. I understand that willful making of any false statement of material fact herein will subject me to the provisions of law relevant to the making and filing of false instruments and will render this application null and void." Such application shall also state that the applicant agrees to comply with and be subject to the rules promulgated from time to time by the commissioner of finance pursuant to this section.
5. Discontinuance of rebate.
a. Generally. The commissioner of finance shall discontinue any rebate paid or granted pursuant to this section if it appears that: (1) the property may not be the primary residence of the owner or tenant-stockholder who received or applied for the rebate, (2) title to the property has been transferred to a new owner or tenant-stockholder, or (3) the property is otherwise no longer eligible for the rebate. For the purposes of this section, title to that portion of real property owned by a cooperative apartment corporation in which a tenant-stockholder of such corporation resides, and which is represented by his or her share or shares of stock in such corporation as determined by its or their proportional relationship to the total outstanding stock of the corporation, including that owned by the corporation, shall be deemed to be vested in such tenant-stockholder.
b. Rights of owners and tenant-stockholders. Upon determining that a rebate paid or granted pursuant to this section should be discontinued, the commissioner of finance shall mail a notice so stating to the affected owner or tenant-stockholder at the time and in the manner to be provided in rules promulgated by the commissioner of finance. Such owner or tenant-stockholder shall be entitled to seek administrative and judicial review of such action in the manner provided by law, provided, that the burden shall be on the owner or tenant-stockholder to establish eligibility for the rebate.
6. Recovery of prior rebate. If the commissioner of finance determines that the owner or tenant-stockholder was (a) not entitled to a rebate under this section, or (b) that a rebate was paid or calculated in error under this section, then the commissioner of finance shall recover or recalculate such rebate and the amount of the rebate or an amount equal to the difference between the rebate originally paid and the amount to which the owner or tenant-stockholder was entitled shall be deducted from any refund otherwise payable, and any balance of such amount remaining unpaid shall be paid to the commissioner of finance within thirty days from the date of mailing by the commissioner of finance of a notice of the amount payable. Such amount payable shall constitute a tax lien on the property as of the date of such notice and, if not paid within such thirty-day period, penalty and interest at the rate applicable to delinquent taxes on such property shall be charged and collected on such amount from the date of such notice to the day of payment, and such amount payable shall be enforceable as a tax lien in accordance with provisions of law relating to the enforcement of tax liens in any such city.
7. Penalty for material misstatements.
a. Generally. If the commissioner of finance determines, within three years from the payment of a rebate pursuant to this section, that there was a material misstatement in an application filed pursuant to this section or in an application filed pursuant to section four hundred twenty-five of the real property tax law and that such misstatement provided the basis for the payment of a rebate under this section, the commissioner of finance shall proceed to impose a penalty tax against the property of one thousand dollars in addition to recovering the amount of any prior rebate under subdivision six of this section. An application shall be deemed to contain a material misstatement for this purpose when either:
(1) the applicant claimed the property was his, her or their primary residence, when it was not;
(2) the applicant claimed the property was eligible for a rebate pursuant to this section, when it was not; or
(3) the applicant claimed that the applicant owned the property, when the applicant did not.
b. Procedure. When the commissioner of finance determines that a penalty tax should be imposed, the penalty tax shall be entered on the next ensuing tentative or final assessment roll. Each owner or tenant-stockholder shall be given notice of the possible imposition of a penalty tax, and shall be entitled to seek administrative and judicial review of such action in the manner provided by law.
c. Additional consequences. A penalty tax may be imposed pursuant to this subdivision whether or not the improper rebate has been revoked in the manner provided for by this section.
8. Rulemaking. The commissioner of finance shall be authorized to promulgate rules necessary to effectuate the purposes of this section.
9. Non-disclosure. The information contained in applications or statements in connection therewith filed with the commissioner of finance pursuant to subdivision four of this section shall not be subject to disclosure under article six of the public officers law.
1. Generally. Notwithstanding any provision of any general, special or local law to the contrary, for the fiscal year beginning on the first of July, two thousand twelve, a rebate of real property taxes in the amount provided in this section shall be paid by the commissioner of finance to an owner who owned eligible real property as defined in subdivision three of this section or a unit in such eligible real property on the thirtieth of October, two thousand twelve. If legal title to eligible real property, or ownership of shares of stock representing a dwelling unit, is held by one or more trustees, the beneficial owner or owners shall be deemed to own the property or dwelling unit for purposes of this section. Notwithstanding any provision of article four of the real property tax law to the contrary, an owner whose property is receiving benefits pursuant to any other section of article four of the real property tax law shall not be prohibited from receiving a rebate pursuant to this section if such owner is otherwise eligible to receive such rebate.
2. Definitions. As used in this section:
a. "Annual tax" means the amount of real property tax that is imposed on a property for the fiscal year beginning on the first of July, two thousand twelve, determined after reduction for any amount from which the property is exempt, or which is abated, pursuant to applicable law.
b. "Assessed valuation" means the assessed valuation of real property that was used to determine the annual tax as defined in paragraph a 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 the real property tax law to which subdivision three of section eighteen hundred five of the real property tax law applies, the assessed valuation is the lower of the assessed valuation and transitional assessed valuation as provided in subdivision three of section eighteen hundred five of the real property tax law, and which is not reduced by any exemption from real property taxes.
c. "Commissioner of finance" means the commissioner of finance of the city of New York, or his or her designee.
d. "Cooperative development" means, with respect to properties described in subparagraph (c) of paragraph class one of subdivision one of section eighteen hundred two of the real property tax law, all of the properties, including the land and improvements thereon, as to which the land is held by a single cooperative corporation.
e. "Department of buildings" means the department of buildings of the city of New York.
f. "Department of finance" means the department of finance of the city of New York.
g. "Owner" means the owner of real property, or a tenant-stockholder of a unit in real property held in the cooperative form of ownership on the thirtieth of October, two thousand twelve.
3. Eligible real property.
a. 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 classes of real property are defined in subdivision one of section eighteen hundred two of the real property tax law, on which any building has been designated by the department of buildings in accordance with paragraph b of this subdivision.
b. For purposes of this section, a building has been designated by the department of buildings if:
(1) during the period beginning on the first of November, two thousand twelve and ending on the thirtieth of November, two thousand twelve, after inspection by the department, such building has been determined to be seriously damaged and unsafe to enter or occupy or completely demolished as a result of damage caused by the effects of the severe storm that occurred on the twenty-ninth and thirtieth of October, two thousand twelve, and such determination has been indicated by a notation on such department's records and/or by the posting of a red placard warning on the building; or
(2) during the period beginning on the first of November, two thousand twelve and ending on the thirtieth of November, two thousand twelve, after inspection by the department, such building has been determined to require repairs or to have a restricted area and such determination has been indicated by a notation on such department's records and/or by the posting of a yellow sticker on the building, and during the period beginning on the first of December, two thousand twelve and ending on the twenty-eighth of December, two thousand twelve, after inspection by the department, such building has been determined to be seriously damaged and unsafe to enter or occupy or completely demolished as a result of damage caused by the effects of the severe storm that occurred on the twenty-ninth and thirtieth of October, two thousand twelve, and such determination has been indicated by a notation on such department's records and/or by the posting of a red placard warning on the building.
4. Amount of rebate.
a. The amount of the rebate to be paid by the commissioner of finance for eligible real property pursuant to subdivision one of this section shall be equal to two-thirds of the annual tax, multiplied by a fraction, the numerator of which is equal to that portion of the assessed valuation of the eligible real property that is attributable to the improvements on the property, and the denominator of which is equal to the total assessed valuation of the eligible real property.
b. Except as provided in subdivision five of this section, for property held in the cooperative form of ownership, the amount of the rebate to be paid to the owner of a unit therein shall be equal to that proportion of the amount calculated under paragraph a of 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 apartment corporation that owns such real property to the total outstanding stock of the cooperative apartment corporation.
c. Eligible real property with no annual tax shall not be eligible for a rebate under this section.
5. Calculation of rebate for certain class one real property consisting of one family house structures situated on land held in cooperative ownership.
a. Notwithstanding the provisions of subdivision four of this section, the amount of the rebate to be paid by the commissioner of finance to the owner of a building that was designated by the department of buildings in accordance with paragraph b of subdivision three of this section, that is located on eligible real property that is described in subparagraph (c) of paragraph class one of subdivision one of section eighteen hundred two of the real property tax law, shall be equal to two-thirds of the annual tax on the property of the cooperative development, (1) multiplied by a fraction, the numerator of which is equal to that portion of the assessed valuation of the eligible real property in the cooperative development that is attributable to the improvements on the property, and the denominator of which is equal to the total assessed valuation of the eligible real property in the cooperative development, and (2) multiplied by a second fraction, the numerator of which is equal to the number of buildings in the cooperative development that have been designated by the department of buildings in accordance with paragraph b of subdivision three of this section, and the denominator of which is the total number of buildings that were located in the cooperative development as of the twenty-eighth day of October, two thousand twelve, then (3) divided by the number of buildings in the cooperative development that have been designated by the department of buildings in accordance with paragraph b of subdivision three of this section.
b. Eligible real property described in this subdivision with no annual tax shall not be eligible for a rebate under this section.
6. Mailing of rebate.
a. The commissioner of finance shall mail the rebate authorized by this section to the person whose name appears on the records of the department of finance as the owner of the eligible real property or unit located therein on the thirtieth of October, two thousand twelve, at an address on the records of the department of finance as the address of such owner, and if no such address appears on the records of the department of finance, then to the address, if any, appearing in the latest assessment roll as the address of the owner of the eligible real property. Notwithstanding the previous sentence, if an owner has notified the United States postal service of a forwarding address for mail that would otherwise have been sent to any of the addresses described in the previous sentence, then the commissioner of finance may mail the rebate authorized by this section to such forwarding address.
b. Notwithstanding paragraph a of this subdivision, with respect to any rebate to which an owner of a building that was designated by the department of buildings in accordance with paragraph b of subdivision three of this section that is located on eligible real property that is described in subparagraph (c) of paragraph class one of subdivision one of section eighteen hundred two of this chapter is entitled under this section, the commissioner of finance shall mail the rebate to the cooperative development of which the owner's property is a part, at the address on the records of the department of finance as the address of the cooperative corporation that is the owner of the land included in the cooperative development, and if no such address appears on the records of the department of finance, then to the address, if any, appearing in the latest assessment roll as the address of the owner of such land. Notwithstanding the previous sentence, if the cooperative corporation has notified the United States postal service of a forwarding address for mail that would otherwise have been sent to any of the addresses described in the previous sentence, then the commissioner of finance may mail the rebate authorized by this section to such forwarding address.
7. Recovery of erroneous rebate. If the commissioner of finance determines (a) that an owner who received a rebate was not entitled to a rebate under this section, or (b) that a rebate was paid or calculated in error under this section, the commissioner of finance shall recover or recalculate such rebate and the amount of the rebate or an amount equal to the difference between the rebate originally paid and the amount to which the owner was entitled shall be deducted from any refund or rebate otherwise payable to the owner, and any balance of such amount remaining unpaid shall be paid to the commissioner of finance no later than the due and payable date provided on a notice of the amount payable mailed by the commissioner of finance. Such amount payable shall constitute a tax lien on the real property owned by such owner as of the due and payable date provided on such notice, and, if 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, and such amount payable shall be enforceable as a tax lien in accordance with provisions of law relating to the enforcement of tax liens in any such city.
8. Rebate not deemed a refund. Any rebate authorized by this section to be paid by the commissioner of finance shall not be deemed to be a refund of a real property tax payment.
9. Overpayment. If, in any proceeding brought pursuant to article seven of the real property tax law, the assessed valuation of eligible real property is reduced for the fiscal year beginning on the first of July, two thousand twelve, and such reduction results in a return of overpayment of real property taxes paid with respect to such fiscal year, the amount of such overpayment shall be reduced by the amount of any rebate paid pursuant to this section. If such overpayment is returned before a rebate is paid pursuant to this section, the amount of any rebate paid pursuant to this section shall be reduced by the amount of such overpayment.
10. Rulemaking. The commissioner of finance shall be authorized to promulgate rules necessary to effectuate the purposes of this section.
1. Generally. Notwithstanding any provision of any general, special or local law to the contrary, the commissioner of finance shall assess affected real property as defined in subdivision three of this section subject to the limitations provided in this section.
2. Definitions. As used in this section:
a. "Actual assessed value" means the assessed value of real property prior to the calculation of any transitional assessed value, and which is not reduced by any exemption from real property taxes.
b. "Aggregate physical increase" means the sum of physical increases for assessment rolls completed from two thousand fourteen through two thousand twenty.
c. "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.
d. "Annual tax attributable to improvements" means the annual tax, multiplied by a fraction, the numerator of which is equal to the assessed value attributable to improvements on the property for the fiscal year, and the denominator of which is the total assessed value of the property for such fiscal year.
e. "Assessed value" means the assessed value of real property that was used to determine the annual tax, 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 the real property tax law to which subdivision three of section eighteen hundred five of the real property tax law applies, unless otherwise provided, the assessed value is the lower of the actual assessed value and transitional assessed value.
f. "Assessed value attributable to improvements" means that portion of the assessed value that was used to determine the annual tax attributable to improvements, and which is not reduced by any exemption from real property taxes.
g. "Commissioner of finance" means the commissioner of finance of the city of New York, or his or her designee.
h. "Department of finance" means the department of finance of the city of New York.
i. "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.
j. "Physical decrease" means the decrease in assessed value from the assessed value on the preceding assessment roll as a result of destruction of property caused by the severe storm that occurred on the twenty-ninth and thirtieth of October, two thousand twelve, such decrease to which subdivision five of section eighteen hundred five of the real property tax law applies.
k. "Physical increase" means the increase in assessed value from the assessed value on the preceding assessment roll as a result of an addition to or improvement of existing real property as provided in subdivision five of section eighteen hundred five of the real property tax law, for the purpose 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, such increase to which subdivision five of section eighteen hundred five of the real property tax law applies subject to the provisions of this section.
l. "Total square footage of the improvements on the property" means, with respect to an assessment roll, the square footage used by the department of finance in determining the assessed value attributable to improvements on the real property for such assessment roll.
m. "Transitional assessed value" is the transition assessment calculated pursuant to subdivision three of section eighteen hundred five of the real property tax law, and which is not reduced by any exemption from real property taxes.
3. Affected real property. For purposes of this section, "affected 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 the real property tax law, as to which:
a. the department of finance reduced the assessed value attributable to improvements on the property for the assessment roll completed in two thousand thirteen from the assessed value attributable to improvements on the property for the assessment roll completed in 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; and
b. the department of finance increased the assessed value attributable to improvements on the property by means of a physical increase for an assessment roll completed from two thousand fourteen through two thousand twenty.
4. Limitation on increases of assessed value. Notwithstanding subdivision five of section eighteen hundred five of the real property tax law 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 subdivision.
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, shall be subject to the limitations on increases provided in subdivisions one, two and three of section eighteen hundred five of the real property tax law. 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 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.
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 recalculated as if the limitation in paragraph a of this subdivision had been in effect for the assessment rolls completed in two thousand fourteen 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 shall be subject to the limitation on increases provided in paragraph a of this subdivision. Notwithstanding section fifteen hundred twelve of the charter 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 thousand fourteen to two thousand twenty 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.
5. Rulemaking. The commissioner of finance shall be authorized to promulgate rules necessary to effectuate the purposes of this section.
(L.L. 2015/034, 4/28/2015, eff. 5/14/2015)
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