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State Legislature Mulling NYC Hurricane Sandy Assessment Relief Act
Posted By Willie Simpson On December 11, 2012 @ 4:00 pm In News & Features | 3 Comments
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.
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.
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