Passed: Sandy Assessment Relief Act
The State Assembly has passed the New York City Hurricane Sandy Assessment Relief Act. According to Assemblyman Philip Goldfeder, who sponsored the bill, this would help offset the costs many New York City property owners are facing as they rebuild in the wake of the storm.
The legislation now goes on to the Senate and, if passed, will go to Governor Cuomo to be signed into law.
Said Goldfeder, this would “provide real property tax relief to damaged homes and offer much needed assistance to Southern Queens and the Rockaway families and businesses… significantly impacted by Hurricane Sandy.
Almost 85 percent of Southern Queens, including the Rockaways and Broad Channel was damaged or destroyed by flood or fire as a result the storm, Goldfeder noted
“Hurricane Sandy ravaged our community,” said Assemblyman Phil Goldfeder. “Nearly all of our homes and businesses were either significantly damaged or completely destroyed …. This bill would provide much needed relief to families and property owners who are struggling to replace what they once had.”
He states that New York City must also now adopt the bill.
The proposed law would apply to properties in New York City that were completely devastated by Sandy, having lost 50 percent or more of their previously assessed property value. Tax rate reductions would be directly related to the percentage loss of property value due to Sandy.
The exact percentage loss in value would be determined by the New York City Department of Finance, subject to review by the NYC Tax Commission at the request of the taxpayer.
To qualify, New York City property owners would have to submit a written request to the city’s Department of Finance within 90 days of the Hurricane Sandy Assessment Relief Act becoming law.
“It is unacceptable that home and business owners should have to pay taxes based on property assessments made prior to the storm,” Assemblyman Goldfeder said. This bill will “provide relief to the property owners …as we begin to pick up the pieces of our lives and rebuild. “