The Real Deal New York

De Blasio signs tax relief for Sandy-damaged homeowners

Bills will not increase due to home repairs and improvements
April 29, 2015 01:15PM

New York City property owners whose homes were damaged by Hurricane Sandy and then repaired will be spared increased property taxes, thanks to legislation signed Tuesday by Mayor Bill de Blasio. 

The tax relief will go into effect when Governor Andrew Cuomo signs related state legislation that has already been approved by the Assembly and the Senate.

Last year, New York City and state lawmakers passed legislation that gave a one-year tax abatement to homeowners whose property values increased due to repairs and renovations completed due to Sandy damages, according to the Wall Street Journal. The new bill extends that relief through 2020.

Thousands of property owners will be affected by the abatement, the newspaper reported.

“We’re removing an unfair tax on Sandy victims who rebuilt or repaired their homes,” de Blasio said before signing the bill. “We’re using every tool we have to ensure that families have everything they need to fully recover from Sandy.” [WSJ] — Tess Hofmann