Bill S3702B-2013

Provides for process for rebate of real property taxes on certain real property seriously damaged by the severe storm of October 29 & 30, 2012 in cities of one million or more

Provides for process for rebate of real property taxes on residential real property seriously damaged by severe storm of October 29 & 30, 2012 in cities of one million or more.

Details

Actions

  • Jul 31, 2013: SIGNED CHAP.250
  • Jul 19, 2013: DELIVERED TO GOVERNOR
  • Jun 20, 2013: returned to senate
  • Jun 20, 2013: passed assembly
  • Jun 20, 2013: ordered to third reading rules cal.572
  • Jun 20, 2013: substituted for a7995
  • Jun 17, 2013: referred to real property taxation
  • Jun 17, 2013: DELIVERED TO ASSEMBLY
  • Jun 17, 2013: PASSED SENATE
  • Jun 13, 2013: AMENDED ON THIRD READING 3702B
  • May 29, 2013: AMENDED ON THIRD READING (T) 3702A
  • Mar 14, 2013: ADVANCED TO THIRD READING
  • Mar 13, 2013: 2ND REPORT CAL.
  • Mar 12, 2013: 1ST REPORT CAL.198
  • Feb 11, 2013: REFERRED TO CITIES

Votes

Memo

BILL NUMBER:S3702B

TITLE OF BILL: An act to amend the real property tax law, in relation to a rebate of real property taxes on real property seriously 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

SUMMARY OF PROVISIONS:

Section one of this bill adds a new section 467-g to the Real Property Tax Law to authorize cities with a population of one million or more to grant a rebate of real property taxes for any tax lot in such city that, as of the taxable status date for assessment of real property in such city for fiscal year 2013, covering the period between July 1, 2012 and June 30, 2013, contained property on which there is a building that the Department of Buildings of such city, after inspection, has, during the period between November 1, 2012 and November 30, 2012, determined either (a) that a building on the tax lot was seriously damaged and is unsafe to enter or occupy or was completely demolished as a result of the effects of Hurricane Sandy and such determination has been indicated by a notation on Department of Buildings records and/or by the posting of a red placard warning on the building; or (b) that a building on the tax lot requires repairs or has a restricted area, and such determination has been indicated on Department of Buildings records and/or by the posting of a yellow sticker on the building, and, during the period beginning December 1, 2012 and ending December 28, 2012, the Department of Buildings determined the building to be seriously damaged and unsafe to enter or occupy or completely demolished as a result of the effects of Hurricane Sandy, and such determination has been indicated by a notation on DOB records and/or by the posting of a red placard warning on the building.

The bill provides that the rebate be paid to the owner who owned the building on October 30, 2012. The amount of the rebate is equal to two-thirds of that portion of the annual tax on an eligible real property that is attributable to the assessed valuation of the improvements on the property. With respect to eligible cooperative property, each unit owner is entitled to that portion of the rebate calculated for the entire property that is attributable to the unit, as determined by the proportion of the shares of stock representing the unit to the total outstanding stock of the cooperative corporation. With respect to real property described in paragraph (c) of subdivision 1 of section 1802 of the Real Property Tax Law, that is, residential real property consisting of one-family owner-occupied houses situated on land held in cooperative ownership by owner occupiers that constituted bungalow colonies in existence prior to 1940, the amount of the rebate is calculated to reflect cases in which only some of the houses located in the cooperative development meet the bill's definition of eligible real property. For such property, the amount of the rebate is equal to two-thirds of that portion of the annual tax on the entire cooperative development of which the owner's building is a part, that is attributable to the assessed valuation of the improvements on the cooperative development, multiplied by a fraction, the numerator of which is equal to the number of buildings in the cooperative development that were designated by the Department

of Buildings as described above, and the denominator of which is the total number of buildings that were located in the cooperative development as of October 28, 2012, the day immediately prior to the onset of Hurricane Sandy, divided by the number of buildings in the cooperative development that were designated by the Department of Buildings as described above.

No rebate is made available for a property with no annual tax, or for a property with real property tax arrears in excess of $25.00 for fiscal year 2013 or any prior year. However, the bill provides that if the Commissioner of Finance denies a rebate because of tax arrears, the owner will be so notified and given the opportunity to become eligible for the rebate by paying the arrears in full within six months. Annual tax is defined in the bill as the amount of tax that is actually imposed on eligible real property, and does not include any amount from which an eligible real property is exempt, or which is abated, pursuant to applicable law. This bill also makes provisions for the mailing of the rebate to an appropriate forwarding address; and for the collection of erroneous payments.

Section two provides for the bill to take effect immediately.

REASONS FOR SUPPORT:

This legislation would provide real property tax relief to New York City residents whose properties were severely damaged by Hurricane Sandy. Under current law, the taxable status of real property in New York City was fixed for the 2013 fiscal year on January 5, 2012, the taxable status date for real property, and real property taxes billed for fiscal year 2013 must be based on the condition of the real property on that date. Beginning on October 29, 2012, and continuing thereafter, Hurricane Sandy caused a severe storm surge in areas of New York City that resulted in damage to a number of buildings. The Department of Buildings (DOB) has inspected the structural stability of buildings affected by the hurricane and tagged with a red placard and/or indicated on its records, those buildings that it determined to be seriously damaged and unsafe to enter or occupy or completely demolished as a result of the effects of the hurricane.

Current law does not provide a mechanism for reducing the assessed valuation of real property and the tax based thereon for fiscal year 2013 to reflect the serious damage and resulting decrease in value that was inflicted on real property by Hurricane Sandy. In order to assist owners and tenant-stockholders of properties on which there is a building that the Department of Buildings determined to be seriously damaged and unsafe to enter or occupy or completely demolished as a result of the effects of Hurricane Sandy, this bill authorizes a city with a population of one million or more to enact a local law to grant a rebate of real property taxes to owners and tenant-stockholders of eligible properties. The amount of the rebate reflects the reduction in value of the improvements on eligible property for a period of eight months (two-thirds of a year) from the date of Hurricane Sandy to the end of fiscal year 2013. These rebates would provide much needed relief to some of our most devastated citizens.

Accordingly, the Mayor urges the earliest possible favorable consideration of this proposal by the Legislature.


Text

STATE OF NEW YORK ________________________________________________________________________ 3702--B Cal. No. 198 2013-2014 Regular Sessions IN SENATE February 11, 2013 ___________
Introduced by Sens. LANZA, GOLDEN, SAVINO, FELDER, ADAMS, AVELLA, HASSELL-THOMPSON, SAMPSON, SMITH -- read twice and ordered printed, and when printed to be committed to the Committee on Cities -- reported favorably from said committee, ordered to first and second report, ordered to a third reading, amended and ordered reprinted, retaining its place in the order of third reading -- again amended and ordered reprinted, retaining its place in the order of third reading AN ACT to amend the real property tax law, in relation to a rebate of real property taxes on real property seriously 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 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 467-g to read as follows: S 467-G. REBATE FOR OWNERS OF CERTAIN REAL PROPERTY SERIOUSLY 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. GENERALLY. NOTWITHSTANDING ANY PROVISION OF ANY GENERAL, SPECIAL OR LOCAL LAW TO THE CONTRARY, ANY CITY HAVING A POPU- LATION OF ONE MILLION OR MORE IS HEREBY AUTHORIZED AND EMPOWERED TO ADOPT AND AMEND LOCAL LAWS IN ACCORDANCE WITH THIS SECTION TO GRANT A REBATE OF REAL PROPERTY TAXES FOR THE FISCAL YEAR BEGINNING ON THE FIRST OF JULY, TWO THOUSAND TWELVE, IN THE AMOUNT PROVIDED IN THIS SECTION. SUCH REBATE SHALL BE PAID BY THE COMMISSIONER OF FINANCE TO AN OWNER WHO OWNED ELIGIBLE REAL PROPERTY AS DEFINED IN SUBDIVISION THREE OF THIS SECTION OR A UNIT IN SUCH ELIGIBLE REAL PROPERTY ON THE THIRTIETH OF OCTOBER, TWO THOUSAND TWELVE. IF LEGAL TITLE TO ELIGIBLE REAL PROPERTY, OR OWNERSHIP OF SHARES OF STOCK REPRESENTING A DWELLING UNIT, IS HELD BY ONE OR MORE TRUSTEES, THE BENEFICIAL OWNER OR OWNERS SHALL BE DEEMED TO OWN THE PROPERTY OR DWELLING UNIT FOR PURPOSES OF THIS SECTION. NOTWITH-
STANDING ANY PROVISION OF THIS ARTICLE TO THE CONTRARY, AN OWNER WHOSE PROPERTY IS RECEIVING BENEFITS PURSUANT TO ANY OTHER SECTION OF THIS ARTICLE SHALL NOT BE PROHIBITED FROM RECEIVING A REBATE PURSUANT TO THIS SECTION IF SUCH OWNER IS OTHERWISE ELIGIBLE TO RECEIVE SUCH REBATE. 2. DEFINITIONS. AS USED IN THIS SECTION: A. "ANNUAL TAX" MEANS THE AMOUNT OF REAL PROPERTY TAX THAT IS IMPOSED ON A PROPERTY FOR THE FISCAL YEAR BEGINNING ON THE FIRST OF JULY, TWO THOUSAND TWELVE, DETERMINED AFTER REDUCTION FOR ANY AMOUNT FROM WHICH THE PROPERTY IS EXEMPT, OR WHICH IS ABATED, PURSUANT TO APPLICABLE LAW. B. "ASSESSED VALUATION" MEANS THE ASSESSED VALUATION OF REAL PROPERTY THAT WAS USED TO DETERMINE THE ANNUAL TAX AS DEFINED IN PARAGRAPH A OF THIS SUBDIVISION, 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 CHAPTER TO WHICH SUBDIVISION THREE OF SECTION EIGHTEEN HUNDRED FIVE OF THIS CHAPTER APPLIES, THE ASSESSED VALUATION IS THE LOWER OF THE ASSESSED VALUATION AND TRANSITIONAL ASSESSED VALUATION AS PROVIDED IN SUBDIVISION THREE OF SECTION EIGHTEEN HUNDRED FIVE OF THIS CHAPTER, AND WHICH IS NOT REDUCED BY ANY EXEMPTION FROM REAL PROPERTY TAXES. C. "COMMISSIONER OF FINANCE" MEANS THE COMMISSIONER OF FINANCE OF A CITY HAVING A POPULATION OF ONE MILLION OR MORE, OR HIS OR HER DESIGNEE. D. "COOPERATIVE DEVELOPMENT" MEANS, WITH RESPECT TO PROPERTIES DESCRIBED IN SUBPARAGRAPH (C) OF PARAGRAPH CLASS ONE OF SUBDIVISION ONE OF SECTION EIGHTEEN HUNDRED TWO OF THIS CHAPTER, ALL OF THE PROPERTIES, INCLUDING THE LAND AND IMPROVEMENTS THEREON, AS TO WHICH THE LAND IS HELD BY A SINGLE COOPERATIVE CORPORATION. E. "DEPARTMENT OF BUILDINGS" MEANS THE DEPARTMENT OF BUILDINGS OF A CITY HAVING A POPULATION OF ONE MILLION OR MORE. F. "DEPARTMENT OF FINANCE" MEANS THE DEPARTMENT OF FINANCE OF A CITY HAVING A POPULATION OF ONE MILLION OR MORE. G. "OWNER" MEANS THE OWNER OF REAL PROPERTY, OR A TENANT-STOCKHOLDER OF A UNIT IN REAL PROPERTY HELD IN THE COOPERATIVE FORM OF OWNERSHIP ON THE THIRTIETH OF OCTOBER, TWO THOUSAND TWELVE. 3. ELIGIBLE REAL PROPERTY. A. FOR PURPOSES OF THIS SECTION, "ELIGIBLE 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 CLASSES OF REAL PROPERTY ARE DEFINED IN SUBDIVISION ONE OF SECTION EIGHTEEN HUNDRED TWO OF THIS CHAPTER, ON WHICH ANY BUILDING HAS BEEN DESIGNATED BY THE DEPARTMENT OF BUILDINGS IN ACCORDANCE WITH PARAGRAPH B OF THIS SUBDIVISION. B. FOR PURPOSES OF THIS SECTION, A BUILDING HAS BEEN DESIGNATED BY THE DEPARTMENT OF BUILDINGS IF: (1) DURING THE PERIOD BEGINNING ON THE FIRST OF NOVEMBER, TWO THOUSAND TWELVE AND ENDING ON THE THIRTIETH OF NOVEMBER, TWO THOUSAND TWELVE, AFTER INSPECTION BY THE DEPARTMENT, SUCH BUILDING HAS BEEN DETERMINED TO BE SERIOUSLY DAMAGED AND UNSAFE TO ENTER OR OCCUPY OR COMPLETELY DEMOL- ISHED AS A RESULT OF DAMAGE CAUSED BY THE EFFECTS OF THE SEVERE STORM THAT OCCURRED ON THE TWENTY-NINTH AND THIRTIETH OF OCTOBER, TWO THOUSAND TWELVE, AND SUCH DETERMINATION HAS BEEN INDICATED BY A NOTATION ON SUCH DEPARTMENT'S RECORDS AND/OR BY THE POSTING OF A RED PLACARD WARNING ON THE BUILDING; OR (2) DURING THE PERIOD BEGINNING ON THE FIRST OF NOVEMBER, TWO THOUSAND TWELVE AND ENDING ON THE THIRTIETH OF NOVEMBER, TWO THOUSAND TWELVE, AFTER INSPECTION BY THE DEPARTMENT, SUCH BUILDING HAS BEEN DETERMINED TO REQUIRE REPAIRS OR TO HAVE A RESTRICTED AREA AND SUCH DETERMINATION HAS
BEEN INDICATED BY A NOTATION ON SUCH DEPARTMENT'S RECORDS AND/OR BY THE POSTING OF A YELLOW STICKER ON THE BUILDING, AND DURING THE PERIOD BEGINNING ON THE FIRST OF DECEMBER, TWO THOUSAND TWELVE AND ENDING ON THE TWENTY-EIGHTH OF DECEMBER, TWO THOUSAND TWELVE, AFTER INSPECTION BY THE DEPARTMENT, SUCH BUILDING HAS BEEN DETERMINED TO BE SERIOUSLY DAMAGED AND UNSAFE TO ENTER OR OCCUPY OR COMPLETELY DEMOLISHED AS A RESULT OF DAMAGE CAUSED BY THE EFFECTS OF THE SEVERE STORM THAT OCCURRED ON THE TWENTY-NINTH AND THIRTIETH OF OCTOBER, TWO THOUSAND TWELVE, AND SUCH DETERMINATION HAS BEEN INDICATED BY A NOTATION ON SUCH DEPARTMENT'S RECORDS AND/OR BY THE POSTING OF A RED PLACARD WARNING ON THE BUILDING. 4. AMOUNT OF REBATE. A. THE AMOUNT OF THE REBATE TO BE PAID BY THE COMMISSIONER OF FINANCE FOR ELIGIBLE REAL PROPERTY PURSUANT TO SUBDIVI- SION ONE OF THIS SECTION SHALL BE EQUAL TO TWO-THIRDS OF THE ANNUAL TAX, MULTIPLIED BY A FRACTION, THE NUMERATOR OF WHICH IS EQUAL TO THAT PORTION OF THE ASSESSED VALUATION OF THE ELIGIBLE REAL PROPERTY THAT IS ATTRIBUTABLE TO THE IMPROVEMENTS ON THE PROPERTY, AND THE DENOMINATOR OF WHICH IS EQUAL TO THE TOTAL ASSESSED VALUATION OF THE ELIGIBLE REAL PROPERTY. B. EXCEPT AS PROVIDED IN SUBDIVISION FIVE OF THIS SECTION, FOR PROPER- TY HELD IN THE COOPERATIVE FORM OF OWNERSHIP, THE AMOUNT OF THE REBATE TO BE PAID TO THE OWNER OF A UNIT THEREIN SHALL BE EQUAL TO THAT PROPOR- TION OF THE AMOUNT CALCULATED UNDER PARAGRAPH A OF THIS SUBDIVISION THAT IS ATTRIBUTABLE TO SUCH UNIT, AS DETERMINED BY THE PROPORTIONAL RELATIONSHIP OF THE OWNER'S SHARE OR SHARES OF STOCK IN THE COOPERATIVE APARTMENT CORPORATION THAT OWNS SUCH REAL PROPERTY TO THE TOTAL OUTSTANDING STOCK OF THE COOPERATIVE APARTMENT CORPORATION. C. ELIGIBLE REAL PROPERTY WITH NO ANNUAL TAX SHALL NOT BE ELIGIBLE FOR A REBATE UNDER THIS SECTION. 5. CALCULATION OF REBATE FOR CERTAIN CLASS ONE REAL PROPERTY CONSIST- ING OF ONE FAMILY HOUSE STRUCTURES SITUATED ON LAND HELD IN COOPERATIVE OWNERSHIP. A. NOTWITHSTANDING THE PROVISIONS OF SUBDIVISION FOUR OF THIS SECTION, THE AMOUNT OF THE REBATE TO BE PAID BY THE COMMISSIONER OF FINANCE TO THE OWNER OF A BUILDING THAT WAS DESIGNATED BY THE DEPARTMENT OF BUILD- INGS IN ACCORDANCE WITH PARAGRAPH B OF SUBDIVISION THREE OF THIS SECTION, THAT IS LOCATED ON ELIGIBLE REAL PROPERTY THAT IS DESCRIBED IN SUBPARAGRAPH (C) OF PARAGRAPH CLASS ONE OF SUBDIVISION ONE OF SECTION EIGHTEEN HUNDRED TWO OF THIS CHAPTER, SHALL BE EQUAL TO TWO-THIRDS OF THE ANNUAL TAX ON THE PROPERTY OF THE COOPERATIVE DEVELOPMENT, (1) MULTIPLIED BY A FRACTION, THE NUMERATOR OF WHICH IS EQUAL TO THAT PORTION OF THE ASSESSED VALUATION OF THE ELIGIBLE REAL PROPERTY IN THE COOPERATIVE DEVELOPMENT THAT IS ATTRIBUTABLE TO THE IMPROVEMENTS ON THE PROPERTY, AND THE DENOMINATOR OF WHICH IS EQUAL TO THE TOTAL ASSESSED VALUATION OF THE ELIGIBLE REAL PROPERTY IN THE COOPERATIVE DEVELOPMENT, AND (2) MULTIPLIED BY A SECOND FRACTION, THE NUMERATOR OF WHICH IS EQUAL TO THE NUMBER OF BUILDINGS IN THE COOPERATIVE DEVELOPMENT THAT HAVE BEEN DESIGNATED BY THE DEPARTMENT OF BUILDINGS IN ACCORDANCE WITH PARAGRAPH B OF SUBDIVISION THREE OF THIS SECTION, AND THE DENOMINATOR OF WHICH IS THE TOTAL NUMBER OF BUILDINGS THAT WERE LOCATED IN THE COOPERATIVE DEVELOPMENT AS OF THE TWENTY-EIGHTH DAY OF OCTOBER, TWO THOUSAND TWELVE, THEN (3) DIVIDED BY THE NUMBER OF BUILDINGS IN THE COOPERATIVE DEVELOP- MENT THAT HAVE BEEN DESIGNATED BY THE DEPARTMENT OF BUILDINGS IN ACCORD- ANCE WITH PARAGRAPH B OF SUBDIVISION THREE OF THIS SECTION. B. ELIGIBLE REAL PROPERTY DESCRIBED IN THIS SUBDIVISION WITH NO ANNUAL TAX SHALL NOT BE ELIGIBLE FOR A REBATE UNDER THIS SECTION.
6. MAILING OF REBATE. A. THE COMMISSIONER OF FINANCE SHALL MAIL THE REBATE AUTHORIZED BY THIS SECTION TO THE PERSON WHOSE NAME APPEARS ON THE RECORDS OF THE DEPARTMENT OF FINANCE AS THE OWNER OF THE ELIGIBLE REAL PROPERTY OR UNIT LOCATED THEREIN ON THE THIRTIETH OF OCTOBER, TWO THOUSAND TWELVE, AT AN ADDRESS ON THE RECORDS OF THE DEPARTMENT OF FINANCE AS THE ADDRESS OF SUCH OWNER, AND IF NO SUCH ADDRESS APPEARS ON THE RECORDS OF THE DEPARTMENT OF FINANCE, THEN TO THE ADDRESS, IF ANY, APPEARING IN THE LATEST ASSESSMENT ROLL AS THE ADDRESS OF THE OWNER OF THE ELIGIBLE REAL PROPERTY. NOTWITHSTANDING THE PREVIOUS SENTENCE, IF AN OWNER HAS NOTIFIED THE UNITED STATES POSTAL SERVICE OF A FORWARDING ADDRESS FOR MAIL THAT WOULD OTHERWISE HAVE BEEN SENT TO ANY OF THE ADDRESSES DESCRIBED IN THE PREVIOUS SENTENCE, THEN THE COMMISSIONER OF FINANCE MAY MAIL THE REBATE AUTHORIZED BY THIS SECTION TO SUCH FORWARD- ING ADDRESS. B. NOTWITHSTANDING PARAGRAPH A OF THIS SUBDIVISION, WITH RESPECT TO ANY REBATE TO WHICH AN OWNER OF A BUILDING THAT WAS DESIGNATED BY THE DEPARTMENT OF BUILDINGS IN ACCORDANCE WITH PARAGRAPH B OF SUBDIVISION THREE OF THIS SECTION THAT IS LOCATED ON ELIGIBLE REAL PROPERTY THAT IS DESCRIBED IN SUBPARAGRAPH (C) OF PARAGRAPH CLASS ONE OF SUBDIVISION ONE OF SECTION EIGHTEEN HUNDRED TWO OF THIS CHAPTER IS ENTITLED UNDER THIS SECTION, THE COMMISSIONER OF FINANCE SHALL MAIL THE REBATE TO THE COOP- ERATIVE DEVELOPMENT OF WHICH THE OWNER'S PROPERTY IS A PART, AT THE ADDRESS ON THE RECORDS OF THE DEPARTMENT OF FINANCE AS THE ADDRESS OF THE COOPERATIVE CORPORATION THAT IS THE OWNER OF THE LAND INCLUDED IN THE COOPERATIVE DEVELOPMENT, AND IF NO SUCH ADDRESS APPEARS ON THE RECORDS OF THE DEPARTMENT OF FINANCE, THEN TO THE ADDRESS, IF ANY, APPEARING IN THE LATEST ASSESSMENT ROLL AS THE ADDRESS OF THE OWNER OF SUCH LAND. NOTWITHSTANDING THE PREVIOUS SENTENCE, IF THE COOPERATIVE CORPORATION HAS NOTIFIED THE UNITED STATES POSTAL SERVICE OF A FORWARD- ING ADDRESS FOR MAIL THAT WOULD OTHERWISE HAVE BEEN SENT TO ANY OF THE ADDRESSES DESCRIBED IN THE PREVIOUS SENTENCE, THEN THE COMMISSIONER OF FINANCE MAY MAIL THE REBATE AUTHORIZED BY THIS SECTION TO SUCH FORWARD- ING ADDRESS. 7. RECOVERY OF ERRONEOUS REBATE. IF THE COMMISSIONER OF FINANCE DETER- MINES (A) THAT AN OWNER WHO RECEIVED A REBATE WAS NOT ENTITLED TO A REBATE UNDER THIS SECTION, OR (B) THAT A REBATE WAS PAID OR CALCULATED IN ERROR UNDER THIS SECTION, THE COMMISSIONER OF FINANCE SHALL RECOVER OR RECALCULATE SUCH REBATE AND THE AMOUNT OF THE REBATE OR AN AMOUNT EQUAL TO THE DIFFERENCE BETWEEN THE REBATE ORIGINALLY PAID AND THE AMOUNT TO WHICH THE OWNER WAS ENTITLED SHALL BE DEDUCTED FROM ANY REFUND OR REBATE OTHERWISE PAYABLE TO THE OWNER, AND ANY BALANCE OF SUCH AMOUNT REMAINING UNPAID SHALL BE PAID TO THE COMMISSIONER OF FINANCE NO LATER THAN THE DUE AND PAYABLE DATE PROVIDED ON A NOTICE OF THE AMOUNT PAYABLE MAILED BY THE COMMISSIONER OF FINANCE. SUCH AMOUNT PAYABLE SHALL CONSTI- TUTE A TAX LIEN ON THE REAL PROPERTY OWNED BY SUCH OWNER AS OF THE DUE AND PAYABLE DATE PROVIDED ON SUCH NOTICE, AND, IF NOT PAID BY SUCH DUE AND PAYABLE DATE, INTEREST AT THE RATE APPLICABLE TO DELINQUENT REAL PROPERTY TAXES ON SUCH PROPERTY SHALL BE CHARGED AND COLLECTED ON SUCH AMOUNT FROM THE DUE AND PAYABLE DATE PROVIDED ON SUCH NOTICE TO THE DATE OF PAYMENT, AND SUCH AMOUNT PAYABLE SHALL BE ENFORCEABLE AS A TAX LIEN IN ACCORDANCE WITH PROVISIONS OF LAW RELATING TO THE ENFORCEMENT OF TAX LIENS IN ANY SUCH CITY. 8. REBATE NOT DEEMED A REFUND. ANY REBATE AUTHORIZED BY THIS SECTION TO BE PAID BY THE COMMISSIONER OF FINANCE SHALL NOT BE DEEMED TO BE A REFUND OF A REAL PROPERTY TAX PAYMENT.
9. OVERPAYMENT. IF, IN ANY PROCEEDING BROUGHT PURSUANT TO ARTICLE SEVEN OF THE REAL PROPERTY TAX LAW, THE ASSESSED VALUATION OF ELIGIBLE REAL PROPERTY IS REDUCED FOR THE FISCAL YEAR BEGINNING ON THE FIRST OF JULY, TWO THOUSAND TWELVE, AND SUCH REDUCTION RESULTS IN A RETURN OF OVERPAYMENT OF REAL PROPERTY TAXES PAID WITH RESPECT TO SUCH FISCAL YEAR, THE AMOUNT OF SUCH OVERPAYMENT SHALL BE REDUCED BY THE AMOUNT OF ANY REBATE PAID PURSUANT TO THIS SECTION. IF SUCH OVERPAYMENT IS RETURNED BEFORE A REBATE IS PAID PURSUANT TO THIS SECTION, THE AMOUNT OF ANY REBATE PAID PURSUANT TO THIS SECTION SHALL BE REDUCED BY THE AMOUNT OF SUCH OVERPAYMENT. 10. 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.

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