Assemblyman Goldfeder Announces the Hurricane Sandy Storm Assessment Relief Act

December 10, 2012

Assemblyman Phil Goldfeder (D-Rockaway) announced legislation that he sponsored would provide property tax relief to Southern Queens and Rockaway homeowners in the wake of the devastating effects of Hurricane Sandy. The New York City Hurricane Sandy Storm Assessment Relief Act (A.39 of 2013), if adopted by New York City, would allow property owners that experienced catastrophic damage as a result of Hurricane Sandy to apply for property tax assessment reductions according to a sliding scale.

Nearly 85 percent of Southern Queens and the Rockaways were damaged or destroyed by flood or fire as a result of Hurricane Sandy. Property owners continue their efforts to rebuild; however, they are faced with unknown factors including the full extent of repairs as well as when and even if they will receive financial assistance, noted Goldfeder.

“Hurricane Sandy wreaked havoc on our community,” said Assemblyman Goldfeder. “Nearly all of our homes and businesses were either significantly damaged or completely destroyed. Now we are faced with the daunting task and high costs to rebuild and repair, it is unfair that home and business owners alike should have to pay taxes based on property assessments made prior to the storm.”

The assessment reduction would apply to property owners that lost at least 50 percent in assessed value as a result of Hurricane Sandy. Reductions would be assessed on a sliding scale:

• 50 but less than 60 percent loss in value, taxable assessed value would be reduced by 55 percent;
• 60 but less than 70 percent loss in value, taxable assessed value would be reduced by 65 percent;
• 70 but less than 80 percent loss in value, taxable assessed value would be reduced by 75 percent;
• 80 but less than 90 percent loss in value, taxable assessed value would be reduced by 85 percent;
• 90 but less than 100 percent loss in value, taxable assessed value would be reduced by 95 percent; and
• 100 percent loss, taxable assessed value would be reduced to zero.

In order for a property taxpayer to receive assessment relief, a written request for consideration must be submitted to the New York City Department of Finance, which would determine the percentage of lost value. Assessment changes would be subject to review by the New York City Tax Commission if requested by the property owner.

“It is imperative that all levels of government work together in order to provide relief to the hardworking families and business owners as we begin to pick up the pieces of our lives and rebuild,” Assemblyman Goldfeder said. “I will do everything I can to ensure our community has the necessary tools to get our lives back together.”

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