What's happening
This bill requires that homes catastrophically damaged by Superstorm Sandy and then repaired be taxed based on their pre-storm value.
Why it matters
Provides significant tax relief to homeowners whose properties were severely damaged (lost 50% or more of their improved value) by Superstorm Sandy. , ensuring they are not penalized with higher property taxes after rebuilding or repairing their homes to meet current codes.
Encourages rebuilding and neighborhood recovery. by removing a potential financial disincentive for residents to restore their homes, which helps stabilize communities still recovering from disaster.
Creates a clear legal definition of "catastrophically impacted property" and locks in pre-storm property values. for tax assessment purposes, protecting affected homeowners from tax increases linked to necessary code-compliant improvements or reconstructions.
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Who cares
Headline styles
Freeze Pre-Sandy Property Taxes
Plain English, a few words. Used as the page title.
Sponsors
Assembly Member · Assembly District 23
No co-sponsors yet.
History
- Referred to real property taxation
- Referred to real property taxation
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Freeze Pre-Sandy Home Values
In Senate Committee · Local Government · Sponsor Andrew J. Lanza
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
8357
2017-2018 Regular Sessions
IN ASSEMBLY
June 12, 2017
Introduced by M. of A. PHEFFER AMATO -- read once and referred to the Committee on Real Property Taxation
AN ACT to amend the real property tax law, in relation to assessment of residential real property catastrophically impacted by superstorm Sandy
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 305 of the real property tax law is amended by adding a new subdivision 4 to read as follows:
4. (a) For the purposes of this subdivision:
(i) "Catastrophically impacted property" means residential real property which lost fifty percent or more of its improved value as a result of superstorm Sandy.
(ii) "Improved value" means the market value of the real property improvement excluding the land.
(iii) "Superstorm Sandy" means the storms, rains, winds and floods which occurred during the period beginning on October twenty-ninth, two thousand twelve and ending November third, two thousand twelve.
(iv) "Total assessed value" means the total assessed value of a parcel prior to any and all exemption adjustments.
(b) Catastrophically impacted property, which is repaired, improved or reconstructed to repair damage caused by superstorm Sandy and comply with state and local building codes and height restrictions, shall be assessed at and the total assessed value thereof shall be a value which is equal to the improved value of such real property prior to the damage caused by superstorm Sandy, and not the full value of such property.
§ 2. This act shall take effect immediately and shall apply to tax rolls issued on or after such date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11602-01-7
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.