Assemblyman Phil Goldfeder has drafted a bill that would extend property tax abatements for Sandy victims whose taxes have increased due to home repairs made following the storm.
For many south Queens residents, property taxes have taken on an even more significant role over the past two years.
Since Superstorm Sandy pillaged parts of the Rockaways and Howard Beach, affected homeowners have seen their property taxes plummet, along with the assessed value of their buildings, due to the extensive damage left in the wake of Mother Nature’s wrath.
However, property taxes subsequently skyrocketed as a direct result of post-Sandy home improvements and repairs.
Seeking to protect homeowners, Assemblyman Phil Goldfeder this week announced that he has drafted a bill extending city property tax abatements for Sandy victims seeing tax increases due to home repairs made as a result of the storm. The legislation, Goldfeder noted, would extend the law passed in 2014 that reduced homeowner’s property taxes for Fiscal Year 2014-2015.
The new legislation amends state real property law to allow the city to provide a partial abatement on homeowner’s annual property tax assessment for repairs and improvements stemming from damage sustained during the catastrophic weather event. Under current tax law, home improvements are not subject to state property tax caps intended to protect homeowners from property-value increases that can translate into higher taxes.
The bill would provide tax relief to homeowners meeting the following criteria: the Department of Finance reduced the assessed value of a homeowner’s property between Fiscal Years 2012-2013 as a result of damage caused by Sandy; Finance then increased the assessed value between Fiscal Years 2014-2015; the property’s assessed value for Fiscal Year 2015 is greater than the assessed value was in 2013.
Last year, Goldfeder sponsored similar legislation that provided partial tax abatements for post-Sandy repairs made by homeowners. But the law only applied to 2014 and has not been renewed. As a result, many homeowners were shocked to find large increases in their property taxes when they received their Notice of Property Value from the city in January.
“Sadly, more than two years after Sandy, many families find themselves spending their life savings to recover from the storm,” Goldfeder said. “If passed, this new legislation will provide much-needed financial relief to many of our families in southern Queens and Rockaway who continue to be burdened by the huge financial cost of rebuilding.”
According to Finance, abatements received by homeowners last year ranged from hundreds of dollars, to upwards of $4,000. The new legislation is expected to provide similar benefits to homeowners.
By Michael V. Cusenza
