City to offer property tax extension to homes hit hard by Sandy
by Nick Moroni
Dec 12, 2012 | 1126 views | 0 0 comments | 19 19 recommendations | email to a friend | print
The City Council voted Monday to provide tax relief for homeowners citywide whose properties were destroyed in Hurricane Sandy’s storm.

The relief comes in the form of an interest-free property tax extension, which moves the due date of the next installment - normally January 1, 2013 - to April 1, 2013.

The legislation only applies to Class 1 and Class 2 properties. The former is a residential property with at least three units, or condominiums that are not taller than three stories. Class 2 properties contain four to 10 units.

In addition, the law mandates that eligible properties must have been flagged “red” by the city, meaning the storm caused damage that is beyond repair.

“It’s the least we can do,” said Councilman Vincent Ignizio, a Staten Island Republican whose district saw extensive damage.

Properties in Queens neighborhoods like Breezy Point and the Rockaways were decimated during the storm. There was also extensive damage in waterfront neighborhoods in Brooklyn.

“The action taken by the City Council...offers some relief at a time when it is needed most,” said Brooklyn Councilman Dominic Recchia in a statement.

Recchia also chairs the Finance Committee, which met earlier in the day to move the legislation along to a vote by the full council.

According to the city, about 3,000 properties are eligible for the extension. Many other properties that are currently considered yellow-tagged could qualify for the extension in the future.

The law follows an effort by Mayor Michael Bloomberg and council leaders last month to provide homeowners with reimbursements for portions of their property taxes. That way, homeowners will be paying taxes that more accurately reflect the post-storm values of their properties, some of which have been totally destroyed.

The reimbursement requires the approval of the state legislature in order for it to go into effect.

Comments
(0)
Comments-icon Post a Comment
No Comments Yet