S04577 Summary:

Creates a tax exemption for owner occupied residential property in municipalities affected by Superstorm Sandy; exempts such buildings from 100 per centum of the increase in assessed value attributable to reconstruction, less 12 1/2 percentum, and less an additional 12 1/2 percentum for each year for an additional 7 years.
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S04577 Actions:

06/11/2015PRINT NUMBER 4577A
06/18/2015SUBSTITUTED BY A7274A
 A07274 AMEND=A Jean-Pierre
 05/01/2015referred to ways and means
 06/09/2015reported referred to rules
 06/11/2015amend and recommit to rules 7274a
 06/15/2015rules report cal.385
 06/15/2015ordered to third reading rules cal.385
 06/16/2015passed assembly
 06/16/2015delivered to senate
 06/18/2015SUBSTITUTED FOR S4577A
 06/18/2015PASSED SENATE
 08/05/2015delivered to governor
 08/13/2015signed chap.122
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S04577 Text:

                STATE OF NEW YORK
                               2015-2016 Regular Sessions
                    IN SENATE
                                     March 30, 2015
        Introduced  by  Sen.  BOYLE  -- read twice and ordered printed, and when
          printed to be committed  to  the  Committee  on  Local  Government  --
          committee  discharged,  bill amended, ordered reprinted as amended and
          recommitted to said committee
        AN ACT in relation to tax assessments for  certain  improved  properties
          affected by Superstorm Sandy
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. a. An owner  occupied  residential  property  that  is  the
     2  primary  residence  of the owner reconstructed, altered, or improved due
     3  to damage caused by Superstorm Sandy, as defined  by  subdivision  5  of
     4  section 2 of chapter 424 of the laws of 2013, within an eligible munici-
     5  pality,  as  defined by subdivision 2 of section 2 of chapter 424 of the
     6  laws of 2013, shall be exempt from taxation of county, town  and  school
     7  levies  to  the extent provided hereinafter. After a public hearing, the
     8  governing board of an eligible municipality may adopt a local law and  a
     9  school district may adopt a resolution to grant the exemption authorized
    10  pursuant  to  this  act. A copy of such local law or resolution shall be
    11  filed with the commissioner of taxation and finance and the assessor  of
    12  such municipality who prepares the assessment roll on which the taxes of
    13  such municipality or school district are levied.
    14    b.  To  be  eligible  for  the tax exemption authorized by an eligible
    15  municipality or school  district  pursuant  to  subdivision  a  of  this
    16  section,  such  primary  residence shall have been owner occupied by the
    17  same owner immediately prior to Superstorm Sandy and  immediately  after
    18  reconstruction  with  a  certificate  of  occupancy,  and  have  already
    19  received assessment relief pursuant to chapter 424 of the laws of 2013.
    20    c. Such primary residence shall be exempt for a period of one year  to
    21  the  extent  of one hundred per centum of the increase in assessed value
    22  thereof attributable to such reconstruction, alteration  or  improvement
    23  and for an additional period of seven years subject to the following:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 4577--A                          2
     1    (i)  The  extent  of  such  exemption shall be decreased by twelve and
     2  one-half per centum of the "exemption base" each year during such  addi-
     3  tional  period.  The  "exemption base" shall be the increase in assessed
     4  value as determined in the initial year of the term  of  the  exemption,
     5  except as provided in paragraph (ii) of this subdivision.
     6    (ii)  In  any year in which a change in level of assessment of fifteen
     7  percent or more is certified for a final assessment roll pursuant to the
     8  rules of the commissioner of taxation and finance,  the  exemption  base
     9  shall  be  multiplied by a fraction, the numerator of which shall be the
    10  total assessed value of the parcel on such final assessment roll  (after
    11  accounting  for any physical or quantity changes to the parcel since the
    12  immediately preceding assessment roll), and  the  denominator  of  which
    13  shall  be  the  total  assessed  value  of the parcel on the immediately
    14  preceding final assessment roll. The result shall be the  new  exemption
    15  base.  The  exemption shall thereupon be recomputed to take into account
    16  the new exemption base, notwithstanding the fact that  the  assessor  of
    17  such  municipality  receives  certification  of  the  change in level of
    18  assessment after the completion, verification and filing  of  the  final
    19  assessment roll. In the event the assessor of such municipality does not
    20  have  custody  of  the  final assessment roll when such certification is
    21  received, the assessor of such municipality shall certify the recomputed
    22  exemption to the local officers having custody and control of the  final
    23  assessment roll, and such local officers are hereby directed and author-
    24  ized to enter the recomputed exemption certified by the assessor of such
    25  municipality  on the final assessment roll. The assessor of such munici-
    26  pality shall give written notice of such  recomputed  exemption  to  the
    27  property  owner,  who  may, if he or she believes that the exemption was
    28  recomputed incorrectly, apply for a correction in the manner provided by
    29  title 3 of article 5 of the real property tax law for the correction  of
    30  clerical errors.
    31    (iii)  Such  exemption  shall be applied to the difference in the pre-
    32  storm assessed value and the increased assessed  value  attributable  to
    33  all  the  reconstruction,  alterations or improvements due to Superstorm
    34  Sandy.  For the purposes of this section, the market value of the recon-
    35  struction, alteration or improvement shall be  equal  to  the  increased
    36  assessed  value  attributable  to  such  reconstruction,  alteration  or
    37  improvement divided by the class I ratio in a special assessing unit  or
    38  the  most recently established state equalization rate or special equal-
    39  ization rate in the remainder of  the  state,  except  where  the  state
    40  equalization  rate  or special equalization rate equals or exceeds nine-
    41  ty-five percent, in which case the increase in assessed value  attribut-
    42  able  to  such reconstruction, alteration or improvement shall be deemed
    43  to equal the market value of such reconstruction, alteration or improve-
    44  ment.
    45    d. No such exemption shall be granted for reconstruction,  alterations
    46  or  improvements  unless  commenced  due  to damage caused by Superstorm
    47  Sandy, and reflected on a certificate of occupancy no later  than  March
    48  1,  2018.    The  enactment  of  a  local law or resolution granting the
    49  exemption authorized pursuant to this act may limit eligibility for  the
    50  exemption  to those forms of reconstruction, alterations or improvements
    51  as are prescribed in such local law or  resolution.  Provided,  however,
    52  that  in  no  case  shall  such exemption be granted for reconstruction,
    53  alterations or improvements to aspects of a  primary  residence  not  in
    54  existence  or  otherwise  not  a  part of the primary residence prior to
    55  October 29, 2012.

        S. 4577--A                          3
     1    e. Application for such exemption shall be filed with the assessor  of
     2  an  eligible  municipality by the first of March after the adoption of a
     3  local law or resolution pursuant to subdivision a of  this  section,  or
     4  the  first  of March of any subsequent year thereafter but no later than
     5  March  1, 2018, on a form prescribed by the commissioner of taxation and
     6  finance.
     7    f. If satisfied that the applicant is entitled to an exemption  pursu-
     8  ant  to  this  act,  the assessor of such municipality shall approve the
     9  application and such primary residence shall be exempt from taxation for
    10  up to eight prospective tax years as provided by this act. The  assessed
    11  value  of any exemption granted pursuant to this act shall be entered by
    12  the assessor of such municipality on the assessment roll with the  taxa-
    13  ble  property,  with  the  amount  of  the exemption shown in a separate
    14  column.
    15    g. For the purposes of this act, a primary residence  shall  mean  any
    16  building  or structure designed and occupied exclusively for residential
    17  purposes by not more than three families, and occupied by the owner as a
    18  primary residence.
    19    h. In the event that a primary residence granted an exemption pursuant
    20  to this act ceases to be used as a primary residence of  the  owner,  or
    21  the title thereto is transferred, the exemption granted pursuant to this
    22  act  shall  cease.   However, the exemption granted pursuant to this act
    23  shall continue for the remaining exemption period  for  as  long  as  an
    24  heir-at-law  or  distributee  of  such  owner occupies the property as a
    25  primary residence.
    26    i. No such local law or resolution shall reduce or repeal an exemption
    27  granted pursuant to this section until the expiration of the period  for
    28  which such exemption was granted.
    29    §  2.  This  act  shall  take  effect  immediately  and shall apply to
    30  exemption applications made prior to the first of March next  succeeding
    31  the  date  on  which  this act shall have become a law and no later than
    32  March 1, 2018, and any exemption once granted shall continue for a peri-
    33  od of up to eight prospective tax years as set forth in this act.
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