State Legislature Mulling NYC Hurricane Sandy Assessment Relief Act

State Assembly Speaker Sheldon Silver introduced the New York City Hurricane Sandy Assessment Relief Act, legislation intended to provide tax relief to New York City homeowners and businesses severely impacted by Superstorm Sandy.

The legislation would allow property owners who suffered damages from Sandy to apply for property tax assessment reductions on a sliding scale. The sliding scale is based on the percentage of value lost, so the more damage you suffered, the less you would pay in taxes. Here is a breakdown of the figures.

• 50 but less than 60 percent loss in value, taxable assessed value would be reduced by 55 percent;
• 60 but less than 70 percent loss in value, taxable assessed value would be reduced by 65 percent;
• 70 but less than 80 percent loss in value, taxable assessed value would be reduced by 75 percent;
• 80 but less than 90 percent loss in value, taxable assessed value would be reduced by 85 percent;
• 90 but less than 100 percent loss in value, taxable assessed value would be reduced by 95 percent;
• 100 percent loss, taxable assessed value would be reduced to zero.

According to the legislation, the home or business owner would be required to submit a written request to the New York City Department of Finance, which in turn would determine the percentage of lost value. The New York City Tax Commission would review any assessment changes if requested by the property owner.

Local co-sponsors of the bill include Alec Brook-Krasny, Steven Cymbrowitz, Helene Weinstein and Alan Maisel.