Sandy-hit home and business owners to get $90M in tax breaks

May 29, 2013 09:30AM

Tax bills for many of 88,000 Hurricane Sandy-hit homes and businesses will be reduced to account for property value losses, Mayor Michael Bloomberg announced yesterday, according to Capital New York.

Home and business areas absorbed roughly $12 billion in property value losses, the administration said, and thus 53,000 of those properties would see tax reductions totaling about $90 million.

“Today property values probably really have gone down,” Bloomberg said, at a press conference attended by Capital New York in a storm-damaged Liberty Warehouse in Red Hook. “Things may come back, but they may come back so far down the road, that in the meantime there really is less value.”

The city reduced the estimated market values of residential properties in hard-hit neighborhoods by 15 percent across the board, while some commercial properties were marked down by 10 percent. [Capital New York]  – Hiten Samtani