Property Owners Who Suffered Significant Damage to be Eligible for Tax Reductions
Albany, NY – Legislation sponsored by State Senator Phil Boyle (R-Bay Shore) that provides property tax reductions for properties severely damaged by Hurricane Sandy passed both the Senate and the Assembly and has been sent to the Governor to be signed into law.
“As thousands of Long Islanders continue to struggle with the rebuilding costs of Hurricane Sandy, my legislation helps provide tax relief and eases some of the financial burden that struggling homeowners have had to face,” Senator Boyle said. "The tax relief this law will provide will help Sandy victims, especially my constituents who live in hard-hit areas on the South Shore of Long Island."
The legislation allows for taxing jurisdictions, including cities, counties, towns, villages and school districts, to lower tax assessments on properties damaged 20% or more for upcoming tax bills, and allows for the reconsideration of 2012 assessments based on post-storm property condition. Property owners can request a review if they believe their property is damaged more than the newly assessed value indicates.
“Property owners can now breathe a sigh of relief because they will not be required to pay full property tax bills on homes that are worth significantly less because of the storm,” Senator Boyle said. “It is only fair that those who suffered major losses will receive a reduced property tax bill based on a post-Sandy assessment.”
This bill would also permit participating municipalities to issue bonds to finance the cost of participating in the program.
For more detailed information on the Superstorm Sandy Assessment Relief Act click here.
Photo Caption: Senator Phil Boyle with homeowner Frank Kluges of Lindenhurst viewing his Sandy-damaged home raised on cribbing as he planned for the installation of support structures.