New York City Mayor Michael Bloomberg proposed new measures to give property tax relief to homeowners who were affected by Hurricane Sandy.
In a statement from his office Thursday, Bloomberg said the tax initiatives would apply for those “whose homes were severely damaged” during last month’s storm.
Specifically, severely impacted homeowners would receive a three-month, interest-free “grace period” on property tax bills from the city from Jan. 1 to April 1 of next year, and would also receive tax rebates. The rebates first need approval from the New York Legislature.
“Those who suffered severe damage face a long period of uncertainty and considerable expense in making decisions about rebuilding and returning to their homes,” said Bloomberg. “We want to do all that we can to ease their heavy burdens.”
The grace period applies to some 3,000 residential properties that received a red tag from the city, meaning they need extensive structural repair before they can be inhabited. The average property tax fee that would be ameliorated is around $506.
The Finance Department is also working to ensure that assessments for 2014 reflect post-hurricane conditions.
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