City to provide property tax relief for Sandy victims: Bloomberg, Quinn

TRD New York /
Nov.November 29, 2012 03:00 PM

The city will extend property tax deadlines interest free — and may even provide a refund on property taxes already assessed — for structures badly damaged by Hurricane Sandy, a statement today from the office of Mayor Michael Bloomberg said. The measures require further approval from the City Council and New York State Legislature, however.

The city’s Department of Finance issued an interest-free extension on the next property tax bill for “residential properties damaged beyond repair or in need of extensive structural repairs before they can be re-inhabited.” The Department of Finance’s move will still need to be formally authorized by the City Council, the statement said.

The city has also proposed a reimbursement measure that would lessen tax bills for this fiscal year, so that taxes more accurately reflect homes’ post-Sandy value, but that measure will require approval from the state legislature. If enacted, taxpayers for more than 900 properties would be issued a reimbursement of about $800, according to the statement.

“We are working to help the thousands of New Yorkers displaced by Hurricane Sandy,” said Mayor Bloomberg in the statement. “We want to do all that we can to ease their heavy burdens, and working with the Speaker, City Council and State Legislature, we will secure two property tax measures that provide a small measure of relief to those who need it most.”

The extension will apply red-tagged residential properties, meaning those that require structural repairs before they can be inhabited, or must be demolished. Taxes that would be due January 1, 2013, will be delayed to April 1, 2013. The city anticipates at least 3,000 properties will be eligible.

“Helping property owners whose homes were destroyed by Sandy is a no-brainer,” said City Council Speaker Christine Quinn in the statement. “The Council will approve the grace period at our next stated meeting and this rebate will be the quickest and easiest way to get cash directly into the hands of these homeowners – one of the most important things we can do right now in this long road to recovery.” –Guelda Voien

 

Related Articles

arrow_forward_ios
Fairway at 480-500 Van Brunt Street in Red Hook and the O’Connell Organization's Greg O’Connell (Credit: Google Maps)

Fairway landlord: Private-equity owners ruined Red Hook store

Fairway landlord: Private-equity owners ruined Red Hook store
Mayor Bill de Blasio and subway damage caused by Hurricane Sandy (Credit: Getty Images)

Program to rebuild Sandy-damaged homes needs extra $92M

Program to rebuild Sandy-damaged homes needs extra $92M
Army Corps of Engineers Commander Lt. Gen. Todd Semonite and flooding caused by Hurricane Sandy in 2012 (inset) (Credit: Getty Images)

A $119B seawall still might not protect Manhattan, critics say

A $119B seawall still might not protect Manhattan, critics say
The total market value of all properties in New York City was at about $1.4 trillion (Credit: iStock)

Market value of NYC real estate went up at slowest rate in years

Market value of NYC real estate went up at slowest rate in years
Staten Island City Councilman Joe Borelli and City Council Speaker Corey Johnson (Credit: Getty Images)

Gentrification tax? Pols pitch fix for “completely screwed” system

Gentrification tax? Pols pitch fix for “completely screwed” system
Plans for NYC’s storm-surge barrier raise environmental concerns

Plans for NYC’s storm-surge barrier raise environmental concerns

Plans for NYC’s storm-surge barrier raise environmental concerns
This Greenwich Village townhouse just sold at auction for $15M

This Greenwich Village townhouse just sold at auction for $15M

This Greenwich Village townhouse just sold at auction for $15M
Hamptons Cheat Sheet: Hamptonites spend big to secure properties amid MS-13 fears … & more

Hamptons Cheat Sheet: Hamptonites spend big to secure properties amid MS-13 fears … & more

Hamptons Cheat Sheet: Hamptonites spend big to secure properties amid MS-13 fears … & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...