Continues relief for homeowners and businesses whose properties were severely damaged
Governor Andrew M. Cuomo today signed legislation that will continue to provide tax relief to New York City home-owners or business owners whose property was severely damaged during Superstorm Sandy. The bill builds on the one-year city tax abatement signed by the Governor last year, and extends the period of time that taxpayers would be eligible for the reprieve through 2020.
"Homeowners should not be burdened with high tax increases after rebuilding their home that was damaged or destroyed during Superstorm Sandy," Governor Cuomo said. "This legislation will continue protecting the homeowners and businesses as they build back and make their property more resilient than ever before. I thank the sponsors of this bill for recognizing the need to continue this relief."
"New Yorkers shouldn’t be penalized for rebuilding and recovering after Sandy – and thanks to this legislation, they won’t. These City and State laws will provide property owners with the relief they deserve, part of our overhaul of Sandy recovery programs to streamline and expedite recovery," said New York City Mayor Bill de Blasio. "Thank you to Governor Cuomo for signing this critical bill, and our partners in the Senate and Assembly for their leadership."
Some homeowners who restored or rebuilt their homes damaged by Superstorm Sandy saw an increase in the assessed value of their homes and are now subject to higher property tax bills – even if the homeowners only restored their buildings to the condition existing prior to the storm.
Under the new law signed by Governor Cuomo (A.5620/S.3688), New York City property owners affected by the storm may qualify for the tax relief if their properties meet the following criteria:
- The Department of Finance reduced the assessed value of the building on the property on the assessment roll completed in 2013, from the assessed value on the assessment roll completed in 2012 as a result of damage caused by Superstorm Sandy.
- The Department of Finance increased or will increase the assessed value of the building on the property as a result of the repair or reconstruction of damage caused by Superstorm Sandy on any assessment roll completed from 2014 through 2020.
Senator Andrew J. Lanza said, "This bill will ensure city residents who repair homes damaged by Hurricane Sandy are not penalized with higher property tax bills. I thank Governor Cuomo and Mayor de Blasio for supporting my legislation which will help ensure that the victims of Hurricane Sandy will not be further harmed as they rebuild and get back on their feet."
Assemblyman Phil Goldfeder said, "More than two years after Sandy devastated our community, so many of our families still struggle to find the resources they need to make a complete recovery. This Sandy tax relief bill will provide the strongest possible protection from rising property taxes for families facing the enormous financial burdens of rebuilding their homes. I applaud Governor Cuomo for his unwavering commitment to families in southern Queens and Rockaway as our community continues to recover from Sandy and become more resilient for the future."
Mayor de Blasio signed corresponding city legislation last month.
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