BILL NUMBER: S821
SPONSOR: STEWART-COUSINS
 
TITLE OF BILL:
An act to amend the real property tax law, in relation to assessment
relief for victims of a local or major disaster in an eligible munici-
pality; to repeal section 467-n of the real property tax law, relating
to assessment relief for disasters; and to amend a chapter of the laws
of 2024 amending the real property tax law relating to enacting the
"climate change property tax relief act", as proposed in legislative
bills numbers S. 7515-A and A. 7748-B, in relation to the effectiveness
thereof
 
PURPOSE:
This is a chapter amendment that makes changes to provisions of chapter
673 of the laws of 2024 to modify the tax benefits and include small
businesses as eligible entities.
 
SUMMARY OF PROVISIONS:
Section 1 repeals the text of the underlying chapter and adds a new
section to the real property tax law to provide assessment relief for
owner-occupied residential properties (3 or fewer) and small businesses
affected by major or local disasters occurring on or after January 1,
2020. The relief structure uses a standardized decile damage bracket
system, where the amount of assessment reduction corresponds to the mean
(or average) of a decile bracket and relief can be provided for a total
of five years. The legislation provides comprehensive documentation
options for proving damage, including FEMA determinations, insurance
adjusters' reports, private appraisals, photographs, and affidavits. The
appeals process (in the event a homeowner disagrees with the assessor's
determination) features specific timeframes for notices, hearings, and
determinations.
Section 2 modifies the language to conform with the program's relief
structure from a tax abatement to a tax exemption.
Section 3 provides a severability clause. Section 4 sets the effective
date.
 
EXISTING LAW:
S.7515-A creates a new property tax exemption program for victims of
disasters in New York State (excluding New York City).
 
JUSTIFICATION:
This legislation is a negotiated change to the underlying chapter to
alter the program's relief structure and authorize small businesses to
benefit from the program.
 
LEGISLATIVE HISTORY:
Chapter amendment to Chapter 673 of the Laws of 2024. S.7515-A passed
the Senate in June 2024 and A.7748-B passed the Assembly in June 2024.
 
FISCAL IMPLICATIONS:
None to the State.
 
LOCAL FISCAL IMPLICATIONS:
Any fiscal impact to local governments is at local option.
 
EFFECTIVE DATE:
Immediately, provided, however, that section one of this act shall take
effect on the same date and in the same manner as the underlying chap-
ter.