The state Senate and Assembly passed legislation that, if signed by Gov. Andrew Cuomo, will provide property tax relief to city residents who rebuilt or repaired their homes following Hurricane Sandy – and who are now facing spikes in their tax bills.
The Senate passed the bill 60-0 Tuesday afternoon, and the Assembly greenlighted the legislation 111-0 Monday.
The bill would lower a homeowner’s property tax liability for the 2015 fiscal year to the pre-storm, 2013 fiscal year amount. Under current law, city residents who merely restored a building to its condition prior to the storm faced an increase in their property’s assessed valuation – and would therefore experience an increase in real property taxes. In an attempt to help these owners, the bill authorizes the city to enact a law granting a partial abatement of real property taxes so owners will not have to incur the increase in fiscal year 2015.
Mayor Bill de Blasio and Gov. Andrew Cuomo in April pushed lawmakers to pass the bill.
“This bill will provide vital relief to New Yorkers who need it most – homeowners who rebuilt after Sandy and were slapped with higher property taxes on top of the many expenses they’ve already faced,” de Blasio said.
“Now, I look forward to working with the governor to make this bill law, so that homeowners get the relief they deserve,” the mayor continued.
Queens legislators too lauded the state Senate and Assembly for a move they said would bring some relief to individuals who have been financially hemorrhaging following Sandy.
“Sandy was a devastating event for our community, and we must continue to provide our families with the resources they need to make a complete recover,” Assemblyman Phil Goldfeder (D-Rockaway Park) said. “This legislation will provide some much-needed relief for many homeowners and reduce the enormous financial burden it will take to rebuild their homes.”
To qualify for the abatement, an eligible property must meet the following criteria: The city Department of Finance reduced the assessed valuation of the building on the property for fiscal year 2014 from the assessed valuation for the 2013 fiscal year as a result of damage caused by Sandy; the Finance Department increased the assessed valuation of the building for 2015 from its assessed valuation for 2014; and the assessed valuation of the building for 2015 exceeds that for 2013.
By Anna Gustafson
