What's happening
This bill allows homes catastrophically damaged by Superstorm Sandy to be taxed based on their pre-storm value after repairs.
Why it matters
Helps protect homeowners from sudden spikes in property taxes. after rebuilding from catastrophic damage, making it financially easier for families to recover and stay in their homes after a disaster.
Encourages full and safe reconstruction. by ensuring that repairing or rebuilding to code won’t result in higher tax bills than before the storm, reducing a key disincentive to restoring damaged properties.
Targets relief specifically to the hardest-hit homes. those that lost at least 50% of their improved value—focusing support where the financial strain from rebuilding and potential tax increases would be most severe.
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Who cares
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Sponsors
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History
- Referred to local government
- Referred to local government
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 Sandy-Affected Home Values
In Assembly Committee · Real Property Taxation · Sponsor Stacey Pheffer Amato
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2642
2019-2020 Regular Sessions
IN SENATE
January 28, 2019
Introduced by Sen. LANZA -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government
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.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to assessment of residential real property catastrophically impacted by superstorm Sandy
Purpose
This bill would benefit owners of residential real property that sustained 50% or greater damage in Hurricane Sandy, and when it is rebuilt shall be assessed at its pre-Sandy market value.
Summary of provisions
Section one of the bill amends section 305 of the Real Property Tax Law by adding a new subdivision (4) which states that (4(b)) catastroph- ically 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 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. Subdivision (4(a(i))) defines "Catastrophically impacted property" as residential real property which lost fifty percent or more of its improved value as a result of Superstorm Sandy. (4(a(ii))) defines "Improved value" as the market value of the real property excluding the land. (4(a(iii))) defines "Superstorm Sandy" as the storms, rains, winds, and floods which occurred during the period beginning on October twenty-ninth, two thou- sand twelve and ending November third, two thousand twelve. (4(a(iv))) defines "Total assessed value" as the total assessed value of a parcel prior to any and all exemption adjustments.
Section two of the bill would make the act effective immediately and shall apply to tax rolls issued on or after such date.
Justification
Superstorm Sandy was a storm of unprecedented strength and destruction in New York State. For homes that were substantially damaged by Sandy (more than 50% damaged) they are required to rebuild to conform with the most recent building codes and height restrictions. Upon completion, these homes will be considered "new construction" and thus their proper- ty tax rate will be reassessed, at the full value of the home. This has the potential to create an immediate and rather significant property tax increase on these homeowners who are only trying to restore their homes and return to a sense of normalcy after the storm. This bill would hold steady the effective assessed value on these homes as they stood pre- Sandy. In the City of New York the 6% tax cap rate would apply in future years, in order to prevent an immediate and unusual tax burden on the homeowners affected by Sandy.
Legislative history
2018: S.6188 - Referred to Local Government / A.8357 - Referred to Real Property Taxation 2017: S.6188 - Referred to Rules / A.8357 - Referred to Real Property Taxation 2016: S.4585 - Referred to Local Government 2015: S.4585 - Referred to Local Government 2014: S.6372 - Referred to Local Government
Fiscal implications
None available.
Effective date
This act shall take effect immediately and shall apply to tax rolls issued on or after such date.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.