New York City ~ Property Tax: Tax Relief Proposed for Homeowners ...

New York City Mayor Michael Bloomberg, City Council Speaker Christine Quinn, and Finance Commissioner David Frankel announced new property tax relief initiatives to assist New Yorkers whose homes were severely damaged by Hurricane Sandy.

If authorized by the City Council, the Finance Department will issue an interest-free extension on the next property tax bill for residential properties damaged beyond repair or in need of extensive structural repairs before they can be reinhabited. The grace period will postpone payments due on January 1, 2013, to April 1, 2013.

The City also proposed to reimburse homeowners for a portion of the property taxes due this fiscal year so that the payments more accurately reflect properties? post-storm values. If enacted, the reimbursement measure would equal $794 on average per property and would require approval from the New York Legislature.

Release, Office of New York City Mayor Bloomberg, November 29, 2012

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