§ 65-49. Assessment relief.
Latest version.
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A.Where property has lost at least 10% of its improved value due to Superstorm Sandy, the assessed value attributable to the improvements on the property on the impacted assessment roll shall be reduced by the appropriate percentage specified in Subsection B below, provided that any exemptions which the property may be receiving shall be adjusted as necessary to account for such reduction in the total assessed value. To the extent the total assessed value of the property originally appearing on such roll exceeds the amount to which it should be reduced pursuant to this article, the excess shall be considered an error in essential fact as defined by Subdivision 3 of § 550 of the Real Property Tax Law. If the error appears on a tax roll, the tax roll shall be corrected in the manner provided by § 554 of the Real Property Tax Law or a refund or credit of taxes shall be granted in the manner provided by § 556 or § 556-b of the Real Property Tax Law. If the error appears on a final assessment roll but not on a tax roll, such final assessment roll shall be corrected in the manner provided by § 553 of the Real Property Tax Law. The errors in essential fact found pursuant to the Superstorm Sandy Assessment Relief Act on either the tax roll or final assessment roll, upon application to the County Director of Real Property Tax Services, shall be forwarded by the County Director of Real Property Tax Services immediately to the levying body for an immediate order setting forth the appropriate correction.B.Assessment relief shall be in accordance with the following schedule:Percentage Loss of Improved ValuePercentage of Reduction In Assessed Value Attributable to ImprovementsAt least 10% but less than 20%15%At least 20% but less than 30%25%At least 30% but less than 40%35%At least 40% but less than 50%45%At least 50% but less than 60%55%At least 60% but less than 70%65%At least 70% but less than 80%75%At least 80% but less than 90%85%At least 90% but less than 100%95%100%100%