Addabbo: Give Tax Relief To Homeowners
Senator Joe Addabbo, Jr., a member of the newly formed Senate Bipartisan Task Force on Hurricane Sandy, is co-sponsoring new legislation that would provide relief from property taxes for New York City homeowners whose properties were badly damaged by the catastrophic, late-October storm.
The bill, known as the “New York City Hurricane Sandy Assessment Relief Act,” would assist homeowners whose properties, as a result of damage from the storm, lost 50 percent or more of their assessed value. Property tax relief would be provided to homeowners based on the amount of damage sustained by their properties during Hurricane Sandy, and people whose homes lost all of their value as a result of the storm would not be assessed any property taxes at all.
“Property owners who are trying their best to put their lives and homes back together after the devastation of Hurricane Sandy should not have to worry about paying full property tax bills on houses that are horribly damaged, or in some cases, no longer exist,” said Addabbo. “Tax bills are based on the assessed value of the property, and if the property is in shambles and has lost most or all of its value, the tax burden must be reduced accordingly or eliminated. These people have already lost so much; they don’t need this additional financial and emotional burden.”