Goldfeder’s Bill Passes Assembly
Assemblyman Phil Goldfeder announced that the New York City Hurricane Sandy Assessment Relief Act legislation that he not only sponsored, but strongly advocated and defended on the Assembly floor, passed on Monday, Feb. 4.
This bill (A.39) would help offset the costs many New York City property owners are facing as they rebuild in the wake of Hurricane Sandy.
This legislation, if passed by the Senate, and signed by Gov. Andrew Cuomo, would provide property tax relief to damaged homes and offer assistance to Southern Queens and Rockaway families and businesses who were significantly impacted by Hurricane Sandy.
Almost 85 percent of Southern Queens and the Rockaway was damaged or destroyed by flood or fire as a result this cataclysmic storm. Property owners continue their efforts to rebuild; however, they are faced with unknown factors that are slowing down the recovery, noted Goldfeder.
“Hurricane Sandy ravaged our community,” said the lawmaker. “Nearly all of our homes and businesses were either significantly damaged or completely destroyed and now we face the daunting tasks and high costs to rebuild and repair. This would provide much needed relief to families and property owners who are struggling to replace what they once had.”
The Hurricane Sandy Assessment Relief Act must be adopted by New York City before it can take effect. This law would apply to properties in New York City that were completely devastated by Hurricane Sandy, having lost 50 percent or more of their previously assessed property value.
Revised property tax values, based on the percentage of property value lost, would be determined as follows:
– a loss in value of between 50 percent and less than 60 percent would result in a 55 percent property tax reduction;
– a loss in value of between 60 percent and less than 70 percent would result in a 65 percent property tax reduction;
– a loss in value of between 70 percent and less than 80 percent would result in a 75 percent property tax reduction;
– a loss in value of between 80 percent but less than 90 percent would result in an 85 percent property tax reduction;
– a loss in value of between 90 percent and less than 100 percent would result in a 95 percent property tax reduction; and
– a 100 percent loss in property value would reduce property taxes to zero.
The percentage loss in value due to Hurricane Sandy would be determined by the city Department of Finance, subject to review by the city Tax Commission at the request of the taxpayer.
To qualify, New York City property owners would have to submit a written request to the city’s Department of Finance within 90 days of the Hurricane Sandy Assessment Relief Act becoming law.
“It is unacceptable that home and business owners alike should have to pay taxes based on property assessments made prior to the storm,” Goldfeder concluded. “I urge my colleagues in government and the City of New York to support this measure and provide relief to the property owners of Southern Queens and Rockaway as we begin to pick up the pieces of our lives and rebuild. I will not rest until I know I have done everything I can to ensure our community has the necessary tools to get our lives back together.”
