Mayor signs Sandy Property Tax Relief Bill

What A Relief!

Mayor Signs Sandy Tax Bill

By Mark C. Healey

Thanks to a bill sponsored by Assemblyman Phil Goldfeder and signed by NYC Mayor Bill de Blasio, long-term property tax relief will be available to property owners whose homes and businesses were damaged by Hurricane Sandy.Hurricane Sandy has had a longlasting effect on Rockaway, and the rising cost of property taxes has been nearly as destructive as the storm itself.

In order to try to address those issues, New York City Mayor Bill de Blasio signed legislation on April 28 which provides long-term property tax relief to property owners who rebuilt and repaired homes and businesses damaged by Hurricane Sandy.

Last year, the state and city addressed similar concerns with a one year abatement, but the bill signed by de Blasio this week is a much longer term solution, providing tax relief to property owners impacted by Sandy through 2020.

It was approved by the City Council on April 12.

“More than two years after Hurricane Sandy, many of my constituents still grapple daily with the high costs of recovery,” said Councilman Eric Ulrich. “This legislation will right a wrong for families in those neighborhoods hit hardest from the storm who still need help rebuilding and immediate relief from exorbitant property tax bills.”

This legislation lowers the assessed value of property that was damaged by Hurricane Sandy and whose assessed value subsequently increased between 2013 and 2014 due to renovations or reconstruction.

The legislation also ensures that most of the owners of affected properties will receive a tax bill similar to what they would have received had the storm never occurred.

“Providing long term tax relief for homeowners that recently repaired their homes after the storm is vital for rebuilding the peninsula,” Councilman Donovan Richards said. “By reassessing the guidelines, tax increases will be evaluated to take into account the burdens that many hardworking residents face as they cope with life after Sandy. From costs related to construction, repairs and the emotional toll of losing one’s home any relief is more than welcome.”

The State Senate and Assembly have both passed required State legislation, which will now be delivered to the Governor for his signature.

“This change will make all the difference for Rockaway families, many of whom are still out of their homes and facing crushing debt from the costs of rebuilding,” said Assemblyman Phil Goldfeder, who sponsored the bill in the Assembly. “We've passed similar legislation in the past, but this latest bill is the strongest protection yet against the threat of rising property taxes in Rockaway and other Sandy-damaged communities around the city.”

Many homeowners and business owners saw significant increases in their property taxes after rebuilding or repairing property damaged by Sandy.

This bill allows the city to limit increases in assessed value for homes or businesses that underwent construction or repairs after the storm, providing much-needed relief to property owners who received significantly larger tax bills as a result of their renovations.

To qualify for this tax relief, the property must meet the following criteria:

 The Department of Finance decreased the assessed value of the building on the property in 2013 from the assessed value in 2012 because of damage resulting from Hurricane Sandy

 DOF increased, or will increase, the assessed value as a result of repairs or reconstruction of damage caused by Sandy on any assessment roll completed from 2014 through 2020.