BY LUIS GRONDA
Legislation passed both the New York State Senate and Assembly that could provide tax relief to homeowners that have rebuilt or are still rebuilding from Superstorm Sandy.
The bill, introduced by Assemblyman Phil Goldfeder (D-Ozone Park), would grant a partial abatement of property taxes against an increase that would go into effect for the City Fiscal Year of 2015, according to State law.
The law says that New York City residents who rebuild their property to the way it was prior to the storm, will face an increase of their property value and the property taxes as well.
“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,” Goldfeder said “This legislation will provide some much-needed relief for many homeowners and reduce the enormous financial burden it will take to rebuild their homes.”
In order to qualify for the abatement, you must meet three criteria, including the assessed value of your property for CFY 2015 being higher than that of the 2013 CFY. Another criteria is that the Dept. of Finance must have increased the property’s value for 2015 compared to 2014.
The bill passed the Senate 60-0 and the Assembly 111-0. It must be signed by Gov. Andrew Cuomo before becoming a law.
Mayor Bill de Blasio also welcomed the bill passing both the Assembly and the Senate. He traveled to Albany earlier this year to urge upstate lawmakers to vote for the bill.
“I want to express my gratitude to the Senate for swiftly and unanimously passing this property tax abatement legislation, which means so much to our fellow New Yorkers who rebuilt after Sandy,” he said in a statement.
Reach Luis Gronda at (718) 357-7400, Ext. 127, email@example.com, or @luisgronda.