Property Tax Relief Proposed for Sandy-Damaged Homes in NYC

Thursday, Nov 29, 2012  |  Updated 3:28 PM EDT
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Property Tax Help Proposed for Sandy Victims

AP

James Traina climbs over the remains of his parents' house in Staten Island.

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New Yorkers whose homes were severely damaged by Sandy would get an extension on their next property tax bill under a proposal by Mayor Bloomberg.

The plan, which would need to be approved by the City Council, would postpone payments due on Jan. 1 to April 1, interest free. The average property tax bill is $506.
 
Homeowners in Class 1 and 2 residential properties that received a red tag from the Department of Buildings would be eligible. Red tag properties require extensive structural repairs before they can be re-inhabited.
 
The city said more than 3,000 properties are eligible.
 
City Council Speaker Christine Quinn supports the plan and said the council would approve the grace period.
 
The Bloomberg administration is also pushing the state to approve a measure that would reimburse homeowners for property taxes due this year to reflect homes' post-storm values.
 
Taxes for this fiscal year reflect May 2012 assessments. If the state approves that plan, more than 900 properties would be eligible, and the average rebate would be $794.
 
"We promised those Staten islanders and New Yorkers severely impacted by Sandy that we would help them in every way possible,” Councilman James Oddo said in a statement.  “Providing some relief from property taxes is one way of fulfilling that commitment."

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