Bill > S00821

This bill provides a comprehensive framework for assessment relief for victims of local or major disasters in eligible municipalities in New York State. The legislation allows local governments to provide property tax relief for residential properties and small businesses that have suffered significant damage during a disaster, such as floods, earthquakes, hurricanes, or other natural or man-made catastrophes. Municipalities can choose to adopt the law and specify details like the minimum damage threshold and maximum tax relief amount. The bill defines various terms, including "eligible property" and "local disaster," and establishes a graduated tax relief system where properties that have lost value due to a disaster can receive reduced property tax assessments. The percentage of tax relief ranges from 15% for properties that have lost 10-20% of their improved value to 100% for properties that have been completely destroyed or declared uninhabitable. Property owners must submit detailed documentation to prove their damage, and the local assessor will review and determine the appropriate level of tax relief. The bill also ensures that school districts will be held harmless for any reduction in state aid resulting from these tax exemptions. Importantly, the law applies retroactively to damages occurring since January 1, 2020, providing potential relief for properties affected during the COVID-19 pandemic and subsequent disasters.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/S821