The New York State Senate today announced that legislation to extend the tax exemption for residential property owners affected by Superstorm Sandy was signed into law. The bill (S7339, Chapter 130), sponsored by Senator Phil Boyle (R-C-I, Suffolk County), will extend the tax exemption to eligible Superstorm Sandy victims by two years to 2020 in an effort to help all affected homeowners recover.
Senator Boyle said, “As we approach the six year anniversary, it is vital that we ensure those impacted by Superstorm Sandy are not victimized twice. I applaud Governor Cuomo for signing this bill into law as we work to provide as much relief as possible to those property owners who have already suffered far too much.”
Six years after one of the most deadly and costly hurricanes on record struck, many New York homeowners continue to do extensive repairs and reconstruction so that they can remain or return to their homes. As a result, homeowners recovering in regions affected by the storm have seen their property assessments increase substantially, while also facing the financial burdens of loan payments for unfinished reconstruction costs, as well as increased property taxes. This new law will give Superstorm Sandy victims more time to fix property damage and save on taxes so they can finish their construction and get back in their homes.
The law takes effect immediately.