Photo: The New York State Assembly this week passed a bill introduced by Assemblyman Phil Goldfeder extending tax exemptions to homeowners that have seen their property taxes increase as a result of work to repair damages caused by the 2012 storm. Courtesy of Assemblyman Phil Goldfeder’s Office.
The State Assembly this week passed a bill introduced by Assemblyman Phil Goldfeder (D-Rockaway) extending tax exemptions to homeowners that have seen their property taxes increase as a result of work to repair damages caused by the 2012 storm.
“Passing this Sandy tax relief bill is a major victory for our families who do not deserve to be taxed for simply repairing and replacing what was lost in the storm,” said Goldfeder. “I want to thank my colleagues for recognizing that two years after Sandy, our families still desperately need this assistance.”
The new legislation changes state Real Property Law to allow New York City to provide a partial exemption on homeowner’s annual property tax assessment for home repairs and improvements stemming from damage sustained during Superstorm Sandy. It will also count Sandy-related repairs completed in Fiscal Year 2014 towards property assessment increases capped by the state. Home improvements are not subject to state property tax caps intended to protect homeowners from assessed property value increases that translate into higher taxes.
The bill will provide tax relief to homeowners meeting the following criteria: 1) NYC Department of Finance reduced the assessed value of a homeowner’s property between Fiscal Years 2012-2013 as a result of damage caused by Superstorm Sandy; 2) DOF then increased (or will increase) the property’s assessed value between 2014 through 2020. For properties that meet these conditions but have not yet completed work as of the 2015 assessment, exemptions will be limited to increases in assessed value that are no greater than the decrease seen in the 2013 assessment following Sandy. Any increase beyond this will be subject to state property tax cap.
Last year, Goldfeder sponsored similar legislation providing relief to homeowners for repairs made following Superstorm Sandy. However, this law only applied to 2014 and has not been renewed. Since the city’s current Notices of Property Value were mailed out to homes in January, many families have been scrambling to fit the increases into their budget as they continue recover financially from the storm and its aftermath.
By Forum Staff
