The following information was provided to the Manhattan Beach Community Group by Councilman Chaim Deutch’s office.Dated: May 30, 2014 3:49 PM
Already signed by Governor Cuomo, Approved by the City Council yesterday. Enacted — awaiting the Mayor’s signature.
The NY City Council approved and Governor Cuomo signed a new law (A.9578-A / S.7257-A) allowing for a partial abatement of property taxes for certain properties that were damaged by Sandy and that have since been repaired. The law will proved relief to New York City residents affected by the storm and whose property tax bill in City Fiscal Year 2015 is greater than the corresponding tax liability from Fiscal Year 2013.
The legislation just signed into law states that in order to receive tax relief, the property must meet the following criteria:
1) The Department of Finance reduced the assessed valuation of the building on your property for FY (fiscal year) 2014 from what it had been in FY 2013 as a result of damage caused by Sandy.
2) The Department of Finance then increased the assessed valuation of the building on your property for FY 2015 from its assessed valuation of FY 2014; and
3) The assessed valuation of the building on your property for FY 2105 now exceeds the valuation of the building on your property from what it was in FY 2013;
The abatement will appear on impacted homeowners’ July 2015 property tax bills.
If you have a question call 311 or visit the NYC Department of Finance website at NYC.gov/finance
Better yet…the Finance Department has indicated that they will speak at our June 25th meeting and hopefully, they will be able to explain how this new law will apply to you!!
PROVIDED AS A PUBLIC SERVICE TO ALL FROM THE MANHATTAN BEACH COMMUNITY GROUP