Yesterday, Mayor Michael Bloomberg and Finance Commissioner David M. Frankel announced a $90.3 million reduction in property taxes for residents and commercial business owners who suffered damage due to Hurricane Sandy. More than 88,000 homes and businesses will see a reduction on their property tax bill when it’s time to file in 2014. The city’s finance department assessed property damages to individuals and business owners following a Sandy-specific reporting form distributed in January. Inspectors were sent to evaluate over 6,000 homes hit hard by the storm to tabulate an across-the-board market value property assessment decrease of 15 percent for residential properties, and 10 percent for commercial properties.
Mayor Bloomberg made his announcement at Liberty Warehouse, a waterfront event venue in Red Hook, Brooklyn that suffered severe damage post-Sandy. The warehouse was reassessed resulting in a $65,000 tax reduction. Homes that weren’t inspected will also see a reduction to their property tax as a result of the changes in market value.
“Since Hurricane Sandy struck, we’ve been doing everything possible to help homeowners and business owners whose properties were damaged,” said Mayor Bloomberg in a press release. “The Department of Finance’s work to reach out to property owners, inspect damage and adjust values will ensure that storm damage is accurately reflected in property tax bills this coming year – and the $90 million reduction will stay in the communities hit hardest by Sandy, helping families rebuild and supporting local businesses.”
Property owners are also being granted an extended deadline by the Tax Commission to appeal the Assessed Value of their homes and businesses. Owners may file an Application for Correction with the Tax Commission no later than June 20th using the online form available here.
Via NYC Gov