Bill > A07441

This bill establishes a tax abatement procedure for homeowners who experience catastrophic loss in a one, two, or three-family residence. Specifically, the bill defines "catastrophic loss" as a situation where a property is totally destroyed or so extensively damaged that all dwelling units are unfit for habitation and cannot be reasonably repaired within 180 days. To qualify, property owners must file a claim with the local assessor within six months after the completion of the final assessment roll. When a claim is filed, all tax collection efforts and the accrual of interest or penalties are suspended. The claim will be heard by the board of assessment review, who must make a determination within two months of the claim's filing. If the claim is approved, the assessor must correct the assessment roll within five days, and if the claim is denied, tax collection efforts and penalties will resume retroactively. The bill also requires the commissioner to create regulations to coordinate assessment rolls and tax levies among different local government entities. The act will take effect 180 days after becoming law, with provisions allowing for immediate preparation of necessary regulations.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A7441