New Law Authored by Senator Lanza Will Provide Property Tax Relief to Homeowners Impacted by Hurricane Sandy
Governor Cuomo has signed into law a bill authored by Senator Andrew Lanza (R-Staten Island), that will help homeowners in New York City recover from Hurricane Sandy. The bill (Chap. 250 of the laws of 2013) provides real property tax relief to New York City residents whose homes were severely damaged by Superstorm Sandy.
Senator Lanza remains committed to working with the victims of Hurricane Sandy and Government officials at all levels to provide whatever relief he can on this long road to recovery. This rebate will get cash directly into the hands of City homeowners who suffered severe damage from Hurricane Sandy by ensuring property tax payments more accurately reflect properties’ post-storm values. The bill will provide tangible relief to homeowners faced with considerable financial burdens and uncertainty while rebuilding and returning to their homes.
Under current law, property taxes for the current fiscal year (Fiscal Year 2013) reflect assessments made in May 2012, and the tax must be based on the condition of the property on that date. Hurricane Sandy demolished or caused severe damage to hundreds of homes in the city. This bill would provide a reimbursement for a portion of the taxes paid this fiscal year to better reflect post-Sandy home values. If enacted, more than 900 properties would be eligible, with an average rebate of about $800.