S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  5620

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              March 2, 2015
                               ___________

Introduced  by  M.  of  A.  GOLDFEDER  --  read once and referred to the
  Committee on Real Property Taxation

AN ACT to amend the real property tax law, in relation to the assessment
  of real property damaged by the severe storm that occurred on  29  and
  30  of  October,  2012 in a city having a population of one million or
  more

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The  real  property  tax  law  is amended by adding a new
section 1805-a to read as follows:
  S 1805-A. ASSESSMENT OF REAL PROPERTY DAMAGED BY THE SEVERE STORM THAT
OCCURRED ON THE TWENTY-NINTH AND  THIRTIETH  OF  OCTOBER,  TWO  THOUSAND
TWELVE  IN A CITY HAVING A POPULATION OF ONE MILLION OR MORE. 1.  GENER-
ALLY. NOTWITHSTANDING ANY PROVISION OF ANY GENERAL, SPECIAL OR LOCAL LAW
TO THE CONTRARY, ANY CITY HAVING A POPULATION OF ONE MILLION OR MORE  IS
HEREBY AUTHORIZED AND EMPOWERED TO ADOPT AND AMEND LOCAL LAWS IN ACCORD-
ANCE  WITH  THIS  SECTION TO PROVIDE THAT THE ASSESSED VALUE OF AFFECTED
REAL PROPERTY, AS DEFINED IN SUBDIVISION THREE OF THIS SECTION, SHALL BE
SUBJECT TO THE LIMITATIONS PROVIDED IN THIS SECTION.
  2. DEFINITIONS. AS USED IN THIS SECTION:
  (A) "AGGREGATE PHYSICAL INCREASE" MEANS THE SUM OF PHYSICAL  INCREASES
FOR  ASSESSMENT  ROLLS  COMPLETED FROM TWO THOUSAND FOURTEEN THROUGH TWO
THOUSAND TWENTY.
  (B) "ANNUAL TAX" MEANS THE AMOUNT OF REAL PROPERTY TAX THAT IS IMPOSED
ON A PROPERTY FOR A FISCAL YEAR,  DETERMINED  AFTER  REDUCTION  FOR  ANY
AMOUNT  FROM  WHICH THE PROPERTY IS EXEMPT, OR WHICH IS ABATED, PURSUANT
TO APPLICABLE LAW.
  (C) "ANNUAL TAX ATTRIBUTABLE TO IMPROVEMENTS" MEANS  THE  ANNUAL  TAX,
MULTIPLIED  BY  A  FRACTION,  THE  NUMERATOR  OF  WHICH  IS EQUAL TO THE
ASSESSED VALUE ATTRIBUTABLE TO IMPROVEMENTS  ON  THE  PROPERTY  FOR  THE

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09139-01-5

              

A. 5620                             2

FISCAL YEAR, AND THE DENOMINATOR OF WHICH IS THE TOTAL ASSESSED VALUE OF
THE PROPERTY FOR SUCH FISCAL YEAR.
  (D)  "ASSESSED  VALUE"  MEANS THE ASSESSED VALUE OF REAL PROPERTY THAT
WAS USED TO DETERMINE THE ANNUAL TAX, AND WHICH IS NOT  REDUCED  BY  ANY
EXEMPTION FROM REAL PROPERTY TAXES.
  (E)  "ASSESSED  VALUE ATTRIBUTABLE TO IMPROVEMENTS" MEANS THAT PORTION
OF THE ASSESSED VALUE THAT WAS USED TO DETERMINE THE ANNUAL TAX  ATTRIB-
UTABLE  TO  IMPROVEMENTS, AND WHICH IS NOT REDUCED BY ANY EXEMPTION FROM
REAL PROPERTY TAXES.
  (F) "COMMISSIONER OF FINANCE" MEANS THE COMMISSIONER OF FINANCE  OF  A
CITY HAVING A POPULATION OF ONE MILLION OR MORE, OR HIS OR HER DESIGNEE.
  (G)  "DEPARTMENT OF FINANCE" MEANS THE DEPARTMENT OF FINANCE OF A CITY
HAVING A POPULATION OF ONE MILLION OR MORE.
  (H) "IMPROVEMENTS" MEANS BUILDINGS AND OTHER ARTICLES, AND STRUCTURES,
SUBSTRUCTURES AND SUPERSTRUCTURES ERECTED UPON, UNDER OR ABOVE THE  LAND
OR  AFFIXED  THERETO,  INCLUDING  BRIDGES  AND WHARVES AND PIERS AND THE
VALUE OF THE RIGHT TO COLLECT WHARFAGE, CRANAGE OR DOCKAGE THEREON.
  (I) "PHYSICAL DECREASE" MEANS THE DECREASE IN ASSESSED VALUE FROM  THE
ASSESSED  VALUE  ON  THE  PRECEDING  ASSESSMENT  ROLL  AS  A  RESULT  OF
DESTRUCTION OF PROPERTY CAUSED BY THE SEVERE STORM THAT OCCURRED ON  THE
TWENTY-NINTH  AND  THIRTIETH  OF  OCTOBER,  TWO  THOUSAND  TWELVE,  SUCH
DECREASE TO WHICH SUBDIVISION FIVE OF SECTION EIGHTEEN HUNDRED  FIVE  OF
THIS ARTICLE APPLIES.
  (J)  "PHYSICAL INCREASE" MEANS THE INCREASE IN ASSESSED VALUE FROM THE
ASSESSED VALUE ON THE PRECEDING ASSESSMENT ROLL AS A RESULT OF AN  ADDI-
TION TO OR IMPROVEMENT OF EXISTING REAL PROPERTY AS PROVIDED IN SUBDIVI-
SION  FIVE  OF  SECTION  EIGHTEEN  HUNDRED FIVE OF THIS ARTICLE, FOR THE
PURPOSE OF RECONSTRUCTION OR REPAIR IN CONNECTION WITH THE DAMAGE CAUSED
BY THE SEVERE STORM THAT OCCURRED ON THE TWENTY-NINTH AND  THIRTIETH  OF
OCTOBER, TWO THOUSAND TWELVE, SUCH INCREASE TO WHICH SUBDIVISION FIVE OF
SECTION  EIGHTEEN  HUNDRED  FIVE  OF THIS ARTICLE APPLIES SUBJECT TO THE
PROVISIONS OF THIS SECTION.
  (K) "TOTAL SQUARE FOOTAGE OF THE IMPROVEMENTS ON THE PROPERTY"  MEANS,
WITH  RESPECT  TO  AN  ASSESSMENT  ROLL,  THE SQUARE FOOTAGE USED BY THE
DEPARTMENT OF FINANCE IN DETERMINING THE ASSESSED VALUE ATTRIBUTABLE  TO
IMPROVEMENTS ON THE REAL PROPERTY FOR SUCH ASSESSMENT ROLL.
  3.  AFFECTED  REAL  PROPERTY.  FOR PURPOSES OF THIS SECTION, "AFFECTED
REAL PROPERTY" MEANS ANY TAX LOT THAT CONTAINED, ON THE APPLICABLE TAXA-
BLE STATUS DATE, CLASS ONE REAL PROPERTY AS SUCH CLASS OF REAL  PROPERTY
IS  DEFINED  IN  SUBDIVISION ONE OF SECTION EIGHTEEN HUNDRED TWO OF THIS
ARTICLE, OR CLASS TWO REAL PROPERTY AS SUCH CLASS OF  REAL  PROPERTY  IS
DEFINED IN SUBDIVISION ONE OF SECTION EIGHTEEN HUNDRED TWO OF THIS ARTI-
CLE  TO  WHICH  SUBDIVISION TWO OF SECTION EIGHTEEN HUNDRED FIVE OF THIS
ARTICLE APPLIES, AS TO WHICH:
  (A) THE DEPARTMENT OF FINANCE REDUCED THE ASSESSED VALUE  ATTRIBUTABLE
TO IMPROVEMENTS ON THE PROPERTY FOR THE ASSESSMENT ROLL COMPLETED IN TWO
THOUSAND  THIRTEEN  FROM THE ASSESSED VALUE ATTRIBUTABLE TO IMPROVEMENTS
ON THE PROPERTY FOR THE ASSESSMENT ROLL COMPLETED IN TWO THOUSAND TWELVE
AS A RESULT OF DAMAGE CAUSED BY THE SEVERE STORM THAT  OCCURRED  ON  THE
TWENTY-NINTH AND THIRTIETH OF OCTOBER, TWO THOUSAND TWELVE; AND
  (B)  THE  DEPARTMENT OF FINANCE INCREASED THE ASSESSED VALUE ATTRIBUT-
ABLE TO IMPROVEMENTS ON THE PROPERTY BY MEANS OF A PHYSICAL INCREASE FOR
AN ASSESSMENT ROLL COMPLETED FROM  TWO  THOUSAND  FOURTEEN  THROUGH  TWO
THOUSAND TWENTY.
  4. LIMITATION ON INCREASES OF ASSESSED VALUE. NOTWITHSTANDING SUBDIVI-
SION FIVE OF SECTION EIGHTEEN HUNDRED FIVE OF THIS ARTICLE AND ANY OTHER

A. 5620                             3

PROVISION  TO  THE CONTRARY, INCREASES IN THE ASSESSED VALUE OF AFFECTED
REAL PROPERTY SHALL BE LIMITED IN THE MANNER SPECIFIED IN THIS  SUBDIVI-
SION.
  (A)  EXCEPT  AS  PROVIDED  IN  PARAGRAPH  (C) OF THIS SUBDIVISION, FOR
AFFECTED REAL PROPERTY FOR WHICH THE ASSESSED VALUES ON  THE  ASSESSMENT
ROLLS COMPLETED IN TWO THOUSAND FOURTEEN AND TWO THOUSAND FIFTEEN DO NOT
REFLECT  A  PHYSICAL  INCREASE,  THE  AMOUNT  OF  THE AGGREGATE PHYSICAL
INCREASE SHALL NOT EXCEED THE AMOUNT OF THE PHYSICAL DECREASE  REFLECTED
IN  THE  ASSESSED VALUE ON THE ASSESSMENT ROLL COMPLETED IN TWO THOUSAND
THIRTEEN. ANY INCREASE IN ASSESSED VALUE  FROM  THE  PRECEDING  YEAR  IN
EXCESS OF THE PHYSICAL INCREASE REFLECTED IN THE CURRENT ASSESSED VALUE,
SUCH  PHYSICAL  INCREASE  LIMITED AS PROVIDED IN THE PRECEDING SENTENCE,
SHALL BE SUBJECT TO THE LIMITATIONS ON INCREASES  PROVIDED  IN  SUBDIVI-
SIONS  ONE  AND TWO OF SECTION EIGHTEEN HUNDRED FIVE OF THIS ARTICLE. IN
NO EVENT SHALL THE ASSESSED VALUE OF THE AFFECTED REAL PROPERTY  APPEAR-
ING ON AN ASSESSMENT ROLL COMPLETED FOR ANY GIVEN YEAR FROM TWO THOUSAND
FIFTEEN TO TWO THOUSAND TWENTY EXCEED WHAT THE ASSESSED VALUE WOULD HAVE
BEEN  THAT  YEAR  BUT  FOR  ANY PHYSICAL DECREASES OR PHYSICAL INCREASES
REFLECTED IN THE ASSESSED VALUES ON THE ASSESSMENT ROLLS COMPLETED  FROM
TWO THOUSAND THIRTEEN TO TWO THOUSAND TWENTY.
  (B)  FOR  AFFECTED  REAL  PROPERTY FOR WHICH THE ASSESSED VALUE ON THE
ASSESSMENT ROLL COMPLETED IN  TWO  THOUSAND  FOURTEEN  OR  TWO  THOUSAND
FIFTEEN  REFLECTS A PHYSICAL INCREASE, THE ASSESSED VALUE AS IT APPEARED
ON THE ASSESSMENT ROLL COMPLETED IN TWO THOUSAND FIFTEEN SHALL BE RECAL-
CULATED AS IF THE LIMITATION IN PARAGRAPH (A) OF  THIS  SUBDIVISION  HAD
BEEN  IN EFFECT FOR THE ASSESSMENT ROLLS COMPLETED IN TWO THOUSAND FOUR-
TEEN AND TWO THOUSAND FIFTEEN. THE RECALCULATION OF THE  ASSESSED  VALUE
THAT  APPEARED  ON THE ASSESSMENT ROLL COMPLETED IN TWO THOUSAND FIFTEEN
SHALL NOT AFFECT THE AMOUNT OF TAXES THAT WERE DUE AND PAYABLE  FOR  THE
FISCAL  YEAR  BEGINNING ON THE FIRST OF JULY, TWO THOUSAND FOURTEEN. THE
ASSESSED VALUE ON THE ASSESSMENT ROLLS COMPLETED FOR EACH OF  THE  YEARS
FROM TWO THOUSAND SIXTEEN TO TWO THOUSAND TWENTY SHALL BE SUBJECT TO THE
LIMITATION  ON  INCREASES PROVIDED IN PARAGRAPH (A) OF THIS SUBDIVISION.
NOTWITHSTANDING SECTION FIFTEEN HUNDRED TWELVE OF  THE  CHARTER  OF  THE
CITY  OF  NEW  YORK AND ANY OTHER PROVISION TO THE CONTRARY, THE COMMIS-
SIONER OF FINANCE IS AUTHORIZED TO CORRECT AS PROVIDED IN THIS PARAGRAPH
THE ASSESSED VALUE OF AFFECTED REAL PROPERTY APPEARING ON THE ASSESSMENT
ROLL COMPLETED IN TWO THOUSAND FIFTEEN. SUCH CORRECTION SHALL BE MADE NO
LATER THAN NINETY DAYS AFTER THE EFFECTIVE DATE OF A LOCAL  LAW  ADOPTED
IN ACCORDANCE WITH THIS SECTION.
  (C) NOTWITHSTANDING PARAGRAPHS (A) AND (B) OF THIS SUBDIVISION, IN THE
EVENT  THAT THE TOTAL SQUARE FOOTAGE OF THE IMPROVEMENTS ON THE AFFECTED
REAL PROPERTY APPEARING ON ANY ASSESSMENT ROLL COMPLETED FROM TWO  THOU-
SAND FOURTEEN TO TWO THOUSAND TWENTY EXCEEDS THE TOTAL SQUARE FOOTAGE OF
THE  IMPROVEMENTS  ON  THE  PROPERTY  APPEARING  ON  THE ASSESSMENT ROLL
COMPLETED IN TWO THOUSAND TWELVE, THE AMOUNT OF THE  AGGREGATE  PHYSICAL
INCREASE  SHALL NOT EXCEED THE AMOUNT COMPUTED BY MULTIPLYING THE SUM OF
THE PHYSICAL INCREASES AS CALCULATED SUBJECT TO THIS  SUBDIVISION  BY  A
FRACTION,  THE  NUMERATOR  OF  WHICH IS EQUAL TO THE AMOUNT OF THE TOTAL
SQUARE FOOTAGE OF THE IMPROVEMENTS  ON  THE  PROPERTY  FOR  THE  CURRENT
ASSESSMENT  ROLL, AND THE DENOMINATOR OF WHICH IS EQUAL TO THE AMOUNT OF
THE TOTAL SQUARE FOOTAGE OF THE IMPROVEMENTS ON  THE  PROPERTY  FOR  THE
ASSESSMENT  ROLL  COMPLETED IN TWO THOUSAND TWELVE. FOR PURPOSES OF THIS
PARAGRAPH, IF IMPROVEMENTS ON THE PROPERTY LOCATED BELOW GRADE WERE  NOT
INCLUDED IN THE TOTAL SQUARE FOOTAGE OF THE IMPROVEMENTS ON THE PROPERTY
FOR  THE ASSESSMENT ROLL COMPLETED IN TWO THOUSAND TWELVE, SUCH IMPROVE-

A. 5620                             4

MENTS SHALL NOT BE INCLUDED IN THE TOTAL SQUARE FOOTAGE  FOR  SUBSEQUENT
ASSESSMENT  ROLLS  IF  THE  IMPROVEMENTS WERE MOVED ABOVE GRADE OR OTHER
BUILDING ELEVATIONS WERE CONSTRUCTED ON THE PROPERTY TO PREVENT OR MITI-
GATE FLOODING AS PART OF RECONSTRUCTION OR REPAIR IN CONNECTION WITH THE
DAMAGE  CAUSED BY THE SEVERE STORM THAT OCCURRED ON THE TWENTY-NINTH AND
THIRTIETH OF OCTOBER, TWO THOUSAND TWELVE.
  5. RULEMAKING. THE COMMISSIONER OF  FINANCE  SHALL  BE  AUTHORIZED  TO
PROMULGATE RULES NECESSARY TO EFFECTUATE THE PURPOSES OF THIS SECTION.
  S 2. This act shall take effect immediately.

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5620--A

                       2015-2016 Regular Sessions

                          I N  A S S E M B L Y

                              March 2, 2015
                               ___________

Introduced  by  M. of A. GOLDFEDER, CYMBROWITZ -- read once and referred
  to the Committee on Real Property Taxation  --  committee  discharged,
  bill  amended,  ordered  reprinted  as amended and recommitted to said
  committee

AN ACT to amend the real property tax law, in relation to the assessment
  of real property damaged by the severe  storm  that  occurred  on  the
  twenty-ninth  and  thirtieth of October, 2012 in a city having a popu-
  lation of one million or more

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  The  real  property  tax  law  is amended by adding a new
section 1805-a to read as follows:
  S 1805-A. ASSESSMENT OF REAL PROPERTY DAMAGED BY THE SEVERE STORM THAT
OCCURRED ON THE TWENTY-NINTH AND  THIRTIETH  OF  OCTOBER,  TWO  THOUSAND
TWELVE  IN A CITY HAVING A POPULATION OF ONE MILLION OR MORE. 1.  GENER-
ALLY. NOTWITHSTANDING ANY PROVISION OF ANY GENERAL, SPECIAL OR LOCAL LAW
TO THE CONTRARY, ANY CITY HAVING A POPULATION OF ONE MILLION OR MORE  IS
HEREBY AUTHORIZED AND EMPOWERED TO ADOPT AND AMEND LOCAL LAWS IN ACCORD-
ANCE  WITH  THIS  SECTION TO PROVIDE THAT THE ASSESSED VALUE OF AFFECTED
REAL PROPERTY, AS DEFINED IN SUBDIVISION THREE OF THIS SECTION, SHALL BE
SUBJECT TO THE LIMITATIONS PROVIDED IN THIS SECTION.
  2. DEFINITIONS. AS USED IN THIS SECTION:
  (A) "ACTUAL ASSESSED VALUE" MEANS THE ASSESSED VALUE OF REAL  PROPERTY
PRIOR  TO  THE CALCULATION OF ANY TRANSITIONAL ASSESSED VALUE, AND WHICH
IS NOT REDUCED BY ANY EXEMPTION FROM REAL PROPERTY TAXES.
  (B) "AGGREGATE PHYSICAL INCREASE" MEANS THE SUM OF PHYSICAL  INCREASES
FOR  ASSESSMENT  ROLLS  COMPLETED FROM TWO THOUSAND FOURTEEN THROUGH TWO
THOUSAND TWENTY.
  (C) "ANNUAL TAX" MEANS THE AMOUNT OF REAL PROPERTY TAX THAT IS IMPOSED
ON A PROPERTY FOR A FISCAL YEAR,  DETERMINED  AFTER  REDUCTION  FOR  ANY

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09139-03-5

              

A. 5620--A                          2

AMOUNT  FROM  WHICH THE PROPERTY IS EXEMPT, OR WHICH IS ABATED, PURSUANT
TO APPLICABLE LAW.
  (D)  "ANNUAL  TAX  ATTRIBUTABLE TO IMPROVEMENTS" MEANS THE ANNUAL TAX,
MULTIPLIED BY A FRACTION,  THE  NUMERATOR  OF  WHICH  IS  EQUAL  TO  THE
ASSESSED  VALUE  ATTRIBUTABLE  TO  IMPROVEMENTS  ON THE PROPERTY FOR THE
FISCAL YEAR, AND THE DENOMINATOR OF WHICH IS THE TOTAL ASSESSED VALUE OF
THE PROPERTY FOR SUCH FISCAL YEAR.
  (E) "ASSESSED VALUE" MEANS THE ASSESSED VALUE OF  REAL  PROPERTY  THAT
WAS  USED  TO  DETERMINE THE ANNUAL TAX, AND WHICH IS NOT REDUCED BY ANY
EXEMPTION FROM REAL PROPERTY TAXES.   FOR REAL  PROPERTY  CLASSIFIED  AS
CLASS  TWO OR CLASS FOUR REAL PROPERTY, AS DEFINED IN SUBDIVISION ONE OF
SECTION EIGHTEEN HUNDRED TWO OF THIS ARTICLE TO WHICH SUBDIVISION  THREE
OF  SECTION EIGHTEEN HUNDRED FIVE OF THIS ARTICLE APPLIES, UNLESS OTHER-
WISE PROVIDED, THE ASSESSED VALUE IS THE LOWER OF  THE  ACTUAL  ASSESSED
VALUE AND TRANSITIONAL ASSESSED VALUE.
  (F)  "ASSESSED  VALUE ATTRIBUTABLE TO IMPROVEMENTS" MEANS THAT PORTION
OF THE ASSESSED VALUE THAT WAS USED TO DETERMINE THE ANNUAL TAX  ATTRIB-
UTABLE  TO  IMPROVEMENTS, AND WHICH IS NOT REDUCED BY ANY EXEMPTION FROM
REAL PROPERTY TAXES.
  (G) "COMMISSIONER OF FINANCE" MEANS THE COMMISSIONER OF FINANCE  OF  A
CITY HAVING A POPULATION OF ONE MILLION OR MORE, OR HIS OR HER DESIGNEE.
  (H)  "DEPARTMENT OF FINANCE" MEANS THE DEPARTMENT OF FINANCE OF A CITY
HAVING A POPULATION OF ONE MILLION OR MORE.
  (I) "IMPROVEMENTS" MEANS BUILDINGS AND OTHER ARTICLES AND  STRUCTURES,
SUBSTRUCTURES AND SUPERSTRUCTURES ERECTED UPON, UNDER OR ABOVE THE LAND,
OR  AFFIXED  THERETO,  INCLUDING  BRIDGES  AND WHARVES AND PIERS AND THE
VALUE OF THE RIGHT TO COLLECT WHARFAGE, CRANAGE OR DOCKAGE THEREON.
  (J) "PHYSICAL DECREASE" MEANS THE DECREASE IN ASSESSED VALUE FROM  THE
ASSESSED  VALUE  ON  THE  PRECEDING  ASSESSMENT  ROLL  AS  A  RESULT  OF
DESTRUCTION OF PROPERTY CAUSED BY THE SEVERE STORM THAT OCCURRED ON  THE
TWENTY-NINTH  AND  THIRTIETH  OF  OCTOBER,  TWO  THOUSAND  TWELVE,  SUCH
DECREASE TO WHICH SUBDIVISION FIVE OF SECTION EIGHTEEN HUNDRED  FIVE  OF
THIS ARTICLE APPLIES.
  (K)  "PHYSICAL INCREASE" MEANS THE INCREASE IN ASSESSED VALUE FROM THE
ASSESSED VALUE ON THE PRECEDING ASSESSMENT ROLL AS A RESULT OF AN  ADDI-
TION TO OR IMPROVEMENT OF EXISTING REAL PROPERTY AS PROVIDED IN SUBDIVI-
SION  FIVE  OF  SECTION  EIGHTEEN  HUNDRED FIVE OF THIS ARTICLE, FOR THE
PURPOSE OF RECONSTRUCTION OR REPAIR IN CONNECTION WITH THE DAMAGE CAUSED
BY THE SEVERE STORM THAT OCCURRED ON THE TWENTY-NINTH AND  THIRTIETH  OF
OCTOBER, TWO THOUSAND TWELVE, SUCH INCREASE TO WHICH SUBDIVISION FIVE OF
SECTION  EIGHTEEN  HUNDRED  FIVE  OF THIS ARTICLE APPLIES SUBJECT TO THE
PROVISIONS OF THIS SECTION.
  (L) "TOTAL SQUARE FOOTAGE OF THE IMPROVEMENTS ON THE PROPERTY"  MEANS,
WITH  RESPECT  TO  AN  ASSESSMENT  ROLL,  THE SQUARE FOOTAGE USED BY THE
DEPARTMENT OF FINANCE IN DETERMINING THE ASSESSED VALUE ATTRIBUTABLE  TO
IMPROVEMENTS ON THE REAL PROPERTY FOR SUCH ASSESSMENT ROLL.
  (M)  "TRANSITIONAL ASSESSED VALUE" IS THE TRANSITION ASSESSMENT CALCU-
LATED PURSUANT TO SUBDIVISION THREE OF SECTION EIGHTEEN HUNDRED FIVE  OF
THIS  ARTICLE, AND WHICH IS NOT REDUCED BY ANY EXEMPTION FROM REAL PROP-
ERTY TAXES.
  3. AFFECTED REAL PROPERTY.  FOR PURPOSES OF  THIS  SECTION,  "AFFECTED
REAL PROPERTY" MEANS ANY TAX LOT THAT CONTAINED, ON THE APPLICABLE TAXA-
BLE  STATUS  DATE,  CLASS  ONE, CLASS TWO OR CLASS FOUR REAL PROPERTY AS
SUCH CLASS OF REAL PROPERTY IS DEFINED IN  SUBDIVISION  ONE  OF  SECTION
EIGHTEEN HUNDRED TWO OF THIS ARTICLE, AS TO WHICH:

A. 5620--A                          3

  (A)  THE DEPARTMENT OF FINANCE REDUCED THE ASSESSED VALUE ATTRIBUTABLE
TO IMPROVEMENTS ON THE PROPERTY FOR THE ASSESSMENT ROLL COMPLETED IN TWO
THOUSAND THIRTEEN FROM THE ASSESSED VALUE ATTRIBUTABLE  TO  IMPROVEMENTS
ON THE PROPERTY FOR THE ASSESSMENT ROLL COMPLETED IN TWO THOUSAND TWELVE
AS  A  RESULT  OF DAMAGE CAUSED BY THE SEVERE STORM THAT OCCURRED ON THE
TWENTY-NINTH AND THIRTIETH OF OCTOBER, TWO THOUSAND TWELVE; AND
  (B) THE DEPARTMENT OF FINANCE INCREASED THE ASSESSED  VALUE  ATTRIBUT-
ABLE TO IMPROVEMENTS ON THE PROPERTY BY MEANS OF A PHYSICAL INCREASE FOR
AN  ASSESSMENT  ROLL  COMPLETED  FROM  TWO THOUSAND FOURTEEN THROUGH TWO
THOUSAND TWENTY.
  4. LIMITATION ON INCREASES OF ASSESSED VALUE. NOTWITHSTANDING SUBDIVI-
SION FIVE OF SECTION EIGHTEEN HUNDRED FIVE OF THIS ARTICLE AND ANY OTHER
PROVISION TO THE CONTRARY, INCREASES IN THE ASSESSED VALUE  OF  AFFECTED
REAL  PROPERTY SHALL BE LIMITED IN THE MANNER SPECIFIED IN THIS SUBDIVI-
SION.
  (A) EXCEPT AS PROVIDED IN  PARAGRAPH  (C)  OF  THIS  SUBDIVISION,  FOR
AFFECTED  REAL  PROPERTY FOR WHICH THE ASSESSED VALUES ON THE ASSESSMENT
ROLLS COMPLETED IN TWO THOUSAND FOURTEEN AND TWO THOUSAND FIFTEEN DO NOT
REFLECT A PHYSICAL  INCREASE,  THE  AMOUNT  OF  THE  AGGREGATE  PHYSICAL
INCREASE  SHALL NOT EXCEED THE AMOUNT OF THE PHYSICAL DECREASE REFLECTED
IN THE ASSESSED VALUE ON THE ASSESSMENT ROLL COMPLETED IN  TWO  THOUSAND
THIRTEEN.  ANY  INCREASE  IN  ASSESSED  VALUE FROM THE PRECEDING YEAR IN
EXCESS OF THE PHYSICAL INCREASE REFLECTED IN THE CURRENT ASSESSED VALUE,
SUCH PHYSICAL INCREASE LIMITED AS PROVIDED IN  THE  PRECEDING  SENTENCE,
SHALL  BE  SUBJECT  TO THE LIMITATIONS ON INCREASES PROVIDED IN SUBDIVI-
SIONS ONE AND TWO OF SECTION EIGHTEEN HUNDRED FIVE OF THIS  ARTICLE.  IN
NO  EVENT SHALL THE ASSESSED VALUE OF THE AFFECTED REAL PROPERTY APPEAR-
ING ON AN ASSESSMENT ROLL COMPLETED FOR ANY GIVEN YEAR FROM TWO THOUSAND
FIFTEEN TO TWO THOUSAND TWENTY EXCEED WHAT THE ASSESSED VALUE WOULD HAVE
BEEN THAT YEAR BUT FOR ANY  PHYSICAL  DECREASES  OR  PHYSICAL  INCREASES
REFLECTED  IN THE ASSESSED VALUES ON THE ASSESSMENT ROLLS COMPLETED FROM
TWO THOUSAND THIRTEEN TO TWO THOUSAND TWENTY.
  (B) FOR AFFECTED REAL PROPERTY FOR WHICH THE  ASSESSED  VALUE  ON  THE
ASSESSMENT  ROLL  COMPLETED  IN  TWO  THOUSAND  FOURTEEN OR TWO THOUSAND
FIFTEEN REFLECTS A PHYSICAL INCREASE, THE ASSESSED VALUE AS IT  APPEARED
ON THE ASSESSMENT ROLL COMPLETED IN TWO THOUSAND FIFTEEN SHALL BE RECAL-
CULATED  AS  IF  THE LIMITATION IN PARAGRAPH (A) OF THIS SUBDIVISION HAD
BEEN IN EFFECT FOR THE ASSESSMENT ROLLS COMPLETED IN TWO THOUSAND  FOUR-
TEEN  AND  TWO THOUSAND FIFTEEN. THE RECALCULATION OF THE ASSESSED VALUE
THAT APPEARED ON THE ASSESSMENT ROLL COMPLETED IN TWO  THOUSAND  FIFTEEN
SHALL  NOT  AFFECT THE AMOUNT OF TAXES THAT WERE DUE AND PAYABLE FOR THE
FISCAL YEAR BEGINNING ON THE FIRST OF JULY, TWO THOUSAND  FOURTEEN.  THE
ASSESSED  VALUE  ON THE ASSESSMENT ROLLS COMPLETED FOR EACH OF THE YEARS
FROM TWO THOUSAND SIXTEEN TO TWO THOUSAND TWENTY SHALL BE SUBJECT TO THE
LIMITATION ON INCREASES PROVIDED IN PARAGRAPH (A) OF  THIS  SUBDIVISION.
NOTWITHSTANDING  SECTION  FIFTEEN  HUNDRED  TWELVE OF THE CHARTER OF THE
CITY OF NEW YORK AND ANY OTHER PROVISION TO THE  CONTRARY,  THE  COMMIS-
SIONER OF FINANCE IS AUTHORIZED TO CORRECT AS PROVIDED IN THIS PARAGRAPH
THE ASSESSED VALUE OF AFFECTED REAL PROPERTY APPEARING ON THE ASSESSMENT
ROLL COMPLETED IN TWO THOUSAND FIFTEEN. SUCH CORRECTION SHALL BE MADE NO
LATER  THAN  NINETY DAYS AFTER THE EFFECTIVE DATE OF A LOCAL LAW ADOPTED
IN ACCORDANCE WITH THIS SECTION.
  (C) NOTWITHSTANDING PARAGRAPHS (A) AND (B) OF THIS SUBDIVISION, IN THE
EVENT THAT THE TOTAL SQUARE FOOTAGE OF THE IMPROVEMENTS ON THE  AFFECTED
REAL  PROPERTY APPEARING ON ANY ASSESSMENT ROLL COMPLETED FROM TWO THOU-
SAND FOURTEEN TO TWO THOUSAND TWENTY EXCEEDS THE TOTAL SQUARE FOOTAGE OF

A. 5620--A                          4

THE IMPROVEMENTS ON  THE  PROPERTY  APPEARING  ON  THE  ASSESSMENT  ROLL
COMPLETED  IN  TWO THOUSAND TWELVE, THE AMOUNT OF THE AGGREGATE PHYSICAL
INCREASE SHALL NOT EXCEED THE AMOUNT COMPUTED BY MULTIPLYING THE SUM  OF
THE  PHYSICAL  INCREASES  AS CALCULATED SUBJECT TO THIS SUBDIVISION BY A
FRACTION, THE NUMERATOR OF WHICH IS EQUAL TO THE  AMOUNT  OF  THE  TOTAL
SQUARE  FOOTAGE  OF  THE  IMPROVEMENTS  ON  THE PROPERTY FOR THE CURRENT
ASSESSMENT ROLL, AND THE DENOMINATOR OF WHICH IS EQUAL TO THE AMOUNT  OF
THE  TOTAL  SQUARE  FOOTAGE  OF THE IMPROVEMENTS ON THE PROPERTY FOR THE
ASSESSMENT ROLL COMPLETED IN TWO THOUSAND TWELVE. FOR PURPOSES  OF  THIS
PARAGRAPH,  IF IMPROVEMENTS ON THE PROPERTY LOCATED BELOW GRADE WERE NOT
INCLUDED IN THE TOTAL SQUARE FOOTAGE OF THE IMPROVEMENTS ON THE PROPERTY
FOR THE ASSESSMENT ROLL COMPLETED IN TWO THOUSAND TWELVE, SUCH  IMPROVE-
MENTS  SHALL  NOT BE INCLUDED IN THE TOTAL SQUARE FOOTAGE FOR SUBSEQUENT
ASSESSMENT ROLLS IF THE IMPROVEMENTS WERE MOVED  ABOVE  GRADE  OR  OTHER
BUILDING ELEVATIONS WERE CONSTRUCTED ON THE PROPERTY TO PREVENT OR MITI-
GATE FLOODING AS PART OF RECONSTRUCTION OR REPAIR IN CONNECTION WITH THE
DAMAGE  CAUSED BY THE SEVERE STORM THAT OCCURRED ON THE TWENTY-NINTH AND
THIRTIETH OF OCTOBER, TWO THOUSAND TWELVE.
  5. RULEMAKING. THE COMMISSIONER OF  FINANCE  SHALL  BE  AUTHORIZED  TO
PROMULGATE RULES NECESSARY TO EFFECTUATE THE PURPOSES OF THIS SECTION.
  S 2. This act shall take effect immediately.