Southern Brooklyn homeowners that saw tax increases due to home repairs made as a result of Superstorm Sandy may get a property tax break next year thanks to a bill that Sheepshead Bay Assemblyman Steven Cymbrowitz co-sponsored, and that passed the assembly yesterday.
The measure (A.5620-B) would extend the law passed in 2014 that reduced homeowners’ property taxes for fiscal year 2014-2015. It authorizes New York City to enact a local law granting a partial abatement of taxes on property that meet the following criteria:
- NYC Department of Finance (DOF) reduced the assessed value of a homeowner’s property between Fiscal Years 2012-2013 as a result of damage caused by Superstorm Sandy.
- DOF then increased the assessed value between Fiscal Years 2014-2015.
- The property’s assessed value for Fiscal Year 2015 is greater than the assessed value was in 2013.
More than 300,000 homes in New York City were damaged or destroyed by Hurricane Sandy, including many in Assemblyman Cymbrowitz’ southern Brooklyn district.
“More than two years after Sandy, many homeowners in my community and other storm-impacted neighborhoods are still struggling to recover. For too many, the financial devastation they’ve endured has been worse than the physical damage to their property,” said Cymbrowitz. “I call on the Senate to pass this bill and continue to give property owners the tax relief they need to overcome the difficulties that Sandy caused.”
