NEW YORK—When property bills hit mailboxes in New York City on Wednesday, many property owners impacted by Hurricane Sandy will notice a lighter bill.
More than 88,000 homes and businesses will see a $90.3 million reduction in property taxes, Mayor Michael Bloomberg announced May 28.
"It was not an easy task," said Finance Commissioner David Frankel. "Unlike during a typical assessment cycle there was limited data available to help us make the revised determinations."
Frankel said his team surveyed 6,100 homes—including all red tags homes—and looked at reports from homeowners.
Across the board reductions to market value were made: 15 percent for residential, and 10 percent for commercial.
Bloomberg said if property owners do not agree with the city’s assessment they have until June to challenge the ruling.
