Goldfeder: NYC Sandy Assessment Relief Act passed

Legislation Goldfeder sponsored would provide tax relief for properties that were devastated by Hurricane Sandy

Assemblyman Phil Goldfeder (D-Rockaway/Howard Beach) announced 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 today. This bill would help offset the costs many New York City property owners are facing as they rebuild in the wake of Hurricane Sandy (A.39). This legislation if passed by the Senate and signed by the Governor would be sent to NYC to provide real property tax relief to damaged homes and offer much needed assistance to Southern Queens and the 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 Assemblyman Phil Goldfeder. “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 bill would provide much needed relief to families and property owners who are struggling to replace what they once had.”

Moreover, the Hurricane Sandy Assessment Relief Act must be adopted by New York City. 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;