Helps Those Still Recovering From Superstorm
Assemblyman Phil Goldfeder successfully debated on the Assembly floor new state legislation to provide vital property tax relief for homeowners facing a large increase to rebuild or repair their Sandy-damaged homes.
“Sandy was a devastating event for our community, and we must continue to provide our families with the resources they need to make a complete recovery,” said Goldfeder. “This legislation [A.9578]will provide some much-needed relief for many homeowners and reduce the enormous financial burden it will take to rebuild their homes.”
Under current law, New York City residents who restored a building to its condition prior to the storm will face an increase in their property’s assessed valuation and will, therefore, face an increase in real property taxes.
In order to assist these property owners, this bill authorizes New York City to enact a local law granting a partial abatement of real property taxes so that the owners of these properties will not incur such an increase in real property taxes for fiscal year 2015.
To qualify for the abatement, an eligible property must meet the following criteria:
– The Department of Finance reduced the assessed valuation of the building on the property for fiscal year 2014 from the assessed valuation for fiscal year 2013 as a result of damage caused by Hurricane Sandy.
– The Department of Finance increased the assessed valuation of the building for fiscal year 2015 from its assessed valuation for fiscal year 2014.
– The assessed valuation of the building for fiscal year 2015 exceeds that for fiscal year 2013.
In the event that the repair or rebuilding resulted in an increase in the square footage of the affected building, this bill provides for a proportional decrease in the amount of the abatement to reflect the increase in the square footage of the building, Goldfeder noted.
“This legislation will lower a homeowner’s property tax liability for the upcoming year to the amount paid pre-storm,” he concluded. “If passed in the State Senate and signed by the governor, it will help get our families back in their own homes. I urge my colleagues in the Senate and the governor to act immediately to give our families every resource they need.”
