§ 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\ndamaged by the severe storm that occurred on the twenty-ninth and\nthirtieth of October, two thousand twelve in a city having a population\nof one million or more. 1. Generally. Notwithstanding any provision of\nany general, special or local law to the contrary, any city having a\npopulation of one million or more is hereby authorized and empowered to\nadopt and amend local laws in accordance with this section to grant a\npartial abatement of real property taxes for the fiscal year beginning\non the first of July, two thousand fourteen, in the amount provided in\nthis section to eligible real property as defined in subdivision three\nof this section on the first of July, two thousand fourteen. If legal\ntitle to eligible real property is held by one or more trustees, the\nbeneficial owner or owners shall be deemed to own the property for\npurposes of this section. Notwithstanding any provision of this article\nto the contrary, a property that is receiving benefits pursuant to any\nother section of this article shall not be prohibited from receiving a\npartial abatement pursuant to this section if such property is otherwise\neligible to receive such abatement.\n 2. Definitions. As used in this section:\n a. "Actual assessed valuation" means the assessed valuation of real\nproperty prior to the calculation of any transitional assessed valuation\npursuant to subdivision three of section eighteen hundred five of this\nchapter, and which is not reduced by any exemption from real property\ntaxes.\n b. "Annual tax" means the amount of real property tax that is imposed\non a property for a fiscal year, determined after reduction for any\namount from which the property is exempt, or which is abated, pursuant\nto applicable law.\n c. "Annual tax attributable to improvements" means the amount of real\nproperty tax that is imposed on a property for a fiscal year, determined\nafter reduction for any amount from which the property is exempt, or\nwhich is abated, pursuant to applicable law, multiplied by a fraction,\nthe numerator of which is equal to the assessed valuation of the\nproperty for such fiscal year that is attributable to the improvements\non the property, and the denominator of which is the total assessed\nvaluation of the property for such fiscal year.\n d. "Assessed valuation" means the assessed valuation of real property\nthat was used to determine the annual tax as defined in paragraph b of\nthis subdivision, and which is not reduced by any exemption from real\nproperty taxes. For real property classified as class two or class four\nreal property as defined in subdivision one of section eighteen hundred\ntwo of this chapter to which subdivision three of section eighteen\nhundred five of this chapter applies, unless otherwise provided, the\nassessed valuation is the lower of the actual assessed valuation as\ndefined in paragraph a of this subdivision and transitional assessed\nvaluation as defined in paragraph j of this subdivision.\n e. "Assessed valuation attributable to improvements" means that\nportion of the assessed valuation of real property that was used to\ndetermine the annual tax attributable to improvements as defined in\nparagraph c of this subdivision, and which is not reduced by any\nexemption from real property taxes.\n f. "Commissioner of finance" means the commissioner of finance of a\ncity having a population of one million or more, or his or her designee.\n g. "Department of finance" means the department of finance of a city\nhaving a population of one million or more.\n h. "Improvements" means buildings and other articles and structures,\nsubstructures and superstructures erected upon, under or above the land,\nor affixed thereto, including bridges and wharves and piers and the\nvalue of the right to collect wharfage, cranage or dockage thereon.\n i. "Total square footage of the improvements on the property" means,\nwith respect to a fiscal year, the square footage used by the department\nof finance in determining the assessed valuation attributable to\nimprovements on the property for such fiscal year.\n j. "Transitional assessed valuation" is the assessed valuation\ncalculated pursuant to subdivision three of section eighteen hundred\nfive of this chapter, and which is not reduced by any exemption from\nreal property taxes.\n 3. Eligible real property. For purposes of this section, "eligible\nreal property" means any tax lot that contained, on the applicable\ntaxable status date, class one, class two or class four real property as\nsuch class of real property is defined in subdivision one of section\neighteen hundred two of this chapter, as to which:\n a. the department of finance reduced the assessed valuation\nattributable to improvements on the property for the fiscal year\nbeginning on the first of July, two thousand thirteen from the assessed\nvaluation attributable to improvements on the property for the fiscal\nyear beginning on the first of July, two thousand twelve as a result of\ndamage caused by the severe storm that occurred on the twenty-ninth and\nthirtieth of October, two thousand twelve;\n b. the department of finance increased the assessed valuation\nattributable to improvements on the property for the fiscal year\nbeginning on the first of July, two thousand fourteen from the assessed\nvaluation attributable to improvements on the property for the fiscal\nyear beginning on the first of July, two thousand thirteen; and\n c. the assessed valuation attributable to improvements on the property\nfor the fiscal year beginning on the first of July, two thousand\nfourteen exceeds the assessed valuation attributable to improvements on\nthe property for the fiscal year beginning on the first of July, two\nthousand twelve.\n 4. Amount of partial abatement. a. Except as provided in paragraph c\nof this subdivision, eligible real property shall receive a partial\nabatement of the real property taxes due on such property equal to the\namount by which (1) the annual tax on the property for the fiscal year\nbeginning on the first of July, two thousand fourteen exceeds (2) the\nannual tax on the property for the fiscal year beginning on the first of\nJuly, two thousand twelve.\n b. Notwithstanding paragraph a of this subdivision and except as\nprovided in paragraph c of this subdivision, the amount of the partial\nabatement of the real property taxes due on eligible real property\nclassified as class two or class four real property as defined in\nsubdivision one of section eighteen hundred two of this chapter to which\nsubdivision three of section eighteen hundred five of this chapter\napplies shall be equal to the amount of (1) the increase in the actual\nassessed valuation attributable to an addition to or improvement of the\nproperty as provided in subdivision five of section eighteen hundred\nfive of this chapter for the fiscal year beginning on the first of July,\ntwo thousand fourteen, (2) reduced by the increase in the actual\nassessed valuation attributable to an addition to or improvement of the\nproperty as provided in subdivision five of section eighteen hundred\nfive of this chapter for the fiscal year beginning on the first of July,\ntwo thousand fourteen, multiplied by a fraction, the numerator of which\nis the transitional assessed valuation for the fiscal year beginning on\nthe first of July, two thousand thirteen, and the denominator of which\nis the actual assessed valuation for the fiscal year beginning on the\nfirst of July, two thousand thirteen, (3) multiplied by the real\nproperty tax rate that is applicable to the property for the fiscal year\nbeginning on the first of July, two thousand fourteen. Eligible real\nproperty shall not be eligible for an abatement under this section if\nthe fraction calculated in subparagraph two of this paragraph is equal\nto or greater than one.\n c. In the event that the total square footage of the improvements on\nthe property for the fiscal year beginning on the first of July, two\nthousand fourteen exceeds the total square footage of the improvements\non the property for the fiscal year beginning on the first of July, two\nthousand twelve, the amount of the partial abatement shall be the amount\ncomputed by multiplying the amount calculated under paragraph a or b of\nthis subdivision by a fraction, the numerator of which is equal to the\namount of the total square footage of the improvements on the property\nfor the fiscal year beginning on the first of July, two thousand twelve,\nand the denominator of which is equal to the amount of the total square\nfootage of the improvements on the property for the fiscal year\nbeginning on the first of July, two thousand fourteen.\n d. For property held in the cooperative form of ownership, the\nabatement shall be credited to each unit therein in an amount equal to\nthat proportion of the amount calculated under this subdivision that is\nattributable to such unit, as determined by the proportional\nrelationship of the owner's share or shares of stock in the cooperative\ncorporation that owns such real property to the total outstanding stock\nof the cooperative corporation.\n e. Eligible real property shall not be eligible for an abatement under\nthis section if the amount of the abatement calculated pursuant to this\nsubdivision exceeds the annual tax on the property for the fiscal year\nbeginning on the first of July, two thousand fourteen.\n 5. Recovery of erroneous abatement.\n a. For purposes of this section, an "erroneous abatement" means that:\n (1) an abatement was granted to a property that was not entitled to an\nabatement under this section, or\n (2) an abatement was applied or calculated in error under this\nsection. In such event, the amount of the erroneous abatement shall be\nequal to the difference between the amount of the abatement originally\nreceived and the amount to which the property was entitled.\n b. If the commissioner of finance determines that a property received\nan erroneous abatement, he or she shall recover such erroneous abatement\nby deducting the amount of the erroneous abatement from any refund or\nrebate otherwise payable to the owner, and any balance of the amount of\nthe erroneous abatement remaining unpaid shall constitute a tax lien on\nthe real property, as of the due and payable date provided on the next\ntax bill mailed by the commissioner of finance containing such amount.\nIf such amount is not paid by such due and payable date, interest at the\nrate applicable to delinquent real property taxes on such property shall\nbe charged and collected on such amount from the due and payable date\nprovided on such notice to the date of payment. Such tax lien shall be\nenforceable in accordance with the provisions of law relating to the\nenforcement of tax liens in any such city.\n 6. Reduction of assessed value. If the taxable assessed value of a\nproperty for the fiscal year beginning on the first of July, two\nthousand fourteen is reduced after the assessment roll applicable to\nsuch fiscal year becomes final, any abatement already granted pursuant\nto this section shall be adjusted accordingly. The difference between\nthe original abatement and the adjusted abatement shall be deducted from\nany credit otherwise due.\n 7. Rulemaking. The commissioner of finance shall be authorized to\npromulgate rules necessary to effectuate the purposes of this section.\n