Photo Courtesy of Sen. Addabbo
“This law…will significantly help constituents as they move forward and fully recover from the devastation of Superstorm Sandy,” Sen. Addabbo said.
By Forum Staff
Legislation extending the tax-exemption application deadline on renovations to or reconstruction of residential properties affected by Superstorm Sandy to March 1, 2024, was recently signed into law, the bill’s co-sponsor, State Sen. Joe Addabbo, Jr. (D-Howard Beach), announced Thursday.
The tax exemptions will only be allowed for reconstruction, alterations, or improvements necessitated due to damage caused by Superstorm Sandy, and reflected on a certificate of occupancy no later than March 1, 2024. Any aspect of a primary residence not in existence or not part of the primary residence before October 29, 2012, would not be eligible for the exemption.
File Photo
The tax exemptions will only be allowed for reconstruction, alterations, or improvements necessitated due to damage caused by Superstorm Sandy.
Although Superstorm Sandy occurred nearly 10 years ago, many storm-impacted homeowners continue to conduct repairs on their homes as a result of the devastating event. The COVID-19 pandemic also delayed reconstruction, leaving many homeowners waiting for certificates of occupancy. Soon these homeowners will endure higher property assessments even as they deal with debt repayments associated with the critical home repairs. Property tax increases and the federal government’s capping of the state and local tax deductions have only exacerbated these financial difficulties, Addabbo noted. This new law will provide a graduated tax process for eligible Superstorm Sandy-impacted homeowners.
“Homeowners still struggling to rebuild a decade after Superstorm Sandy hit our coastal communities will get critical relief with this deadline extension as the pandemic added to repair delays and pricing increases for building materials,” Addabbo said. “This law, along with my work permit legislation signed into law in 2021, will significantly help constituents as they move forward and fully recover from the devastation of Superstorm Sandy.”
The new law took effect immediately after being signed by Gov. Kathy Hochul on June 28.
