Bill
Bill > S01627
NY S01627
NY S01627Authorizes the abatement of real property taxes in certain cases of catastrophic loss; establishes procedures therefor; limits eligibility to one, two, or three family houses; applies to all municipal and school taxes.
summary
Introduced
01/13/2025
01/13/2025
In Committee
01/13/2025
01/13/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 General Assembly
Bill Summary
AN ACT to amend the real property tax law, in relation to the abatement of taxes in certain cases of catastrophic loss
AI Summary
This bill creates a new legal framework for tax abatement (reduction) in cases of catastrophic property damage, specifically for one, two, or three-family residential properties. Under this law, a "catastrophic loss" is defined as a property being totally destroyed or so extensively damaged that all dwelling units are uninhabitable and cannot be reasonably repaired within 180 days. Property owners can file a claim for tax abatement within six months after the completion of the final assessment roll if their property has suffered such damage. When a claim is filed, all tax collection efforts, interest, and penalties are suspended. If the claim is approved, the property owner will not owe any tax interest or penalties, and any previously paid penalties will be refunded. The claim will be reviewed by the board of assessment review, which must make a determination within two months of the claim being filed. If approved, the assessment roll will be corrected within five days. The bill also requires the commissioner to create regulations to coordinate assessment rolls and tax levies between different local government entities. The law will take effect 180 days after it becomes law, with immediate authorization to prepare necessary implementing regulations.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
REFERRED TO LOCAL GOVERNMENT (on 01/13/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://www.nysenate.gov/legislation/bills/2025/S1627 |
BillText | https://assembly.state.ny.us/leg/?default_fld=&bn=S01627&term=2025&Summary=Y&Actions=Y&Text=Y&Committee%26nbspVotes=Y&Floor%26nbspVotes=Y#S01627 |
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