What's happening
This bill requires that homes catastrophically damaged by Superstorm Sandy be reassessed at their pre-storm improved value after repairs.
Why it matters
Protects homeowners from sudden tax increases. By ensuring repaired homes are assessed at their pre-Sandy improved value, the bill prevents owners from facing sharply higher property taxes simply for rebuilding, providing financial stability as they recover.
Targets those with significant losses. The bill specifically benefits homeowners whose properties lost at least 50% of their improved value, focusing relief on those most severely impacted by Superstorm Sandy.
Encourages full and safe rebuilding. By tying reassessment to compliance with modern building codes and height restrictions, the law incentivizes safe, resilient reconstruction, which can reduce future risks and bolster community safety.
Addresses long-term recovery challenges. Recognizing that the effects of Superstorm Sandy are ongoing, the bill offers ongoing tax relief for affected property owners, aiding sustained recovery in hard-hit communities.
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Who cares
Owners of Sandy-damaged homes
Residential properties that lost at least 50% of their improvement value and undergo qualifying repairs or rebuilding would be assessed at their pre-Sandy improvement value, excluding land.
Local property assessors
They would have to apply the special valuation rule to qualifying properties on tax rolls issued on or after the bill takes effect.
Local governments collecting property taxes
The bill would change the assessment basis for qualifying Sandy-damaged homes from full property value to pre-Sandy improvement value.
Headline styles
Freeze Sandy-Affected Home Values
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.
Provides that residential real property which sustained 50% or greater damage in Hurricane Sandy, and is rebuilt shall be assessed at its pre-Sandy market value
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
1570
2019-2020 Regular Sessions
IN ASSEMBLY
January 15, 2019
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.
LBD03744-01-9
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.