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Over $90M in Tax Breaks Going To Sandy-Ravaged Properties

NEW YORK CITY-The city's finance arm has reassessed businesses and homes impacted by Hurricane Sandy, factoring in changes in market value after the superstorm.

By Rayna Katz | Updated on May 28, 2013

NEW YORK CITY-Business owners with property damaged by Hurricane Sandy, as well as impacted home owners, are about to get a sorely needed break on property taxes. Mayor Michael Bloomberg and Finance Commissioner David Frankel on Tuesday announced a $90.3 million reduction in property taxes for homes and businesses impacted by Hurricane Sandy. The reduction is a result of reassessments that the Department of Finance conducted to ensure that the final values reflected damages to businesses, and homes, as well changes in market value following the storm.

For Class 4 commercial properties, market value has been reduced by 10%. The Mayor also announced that the application process for the City’s business and loan grant program—a part of the Federal Community Development Block Grant Disaster Relief Program—is now open. Bloomberg, Frankel, NYC Small Business Services Commissioner Rob Walsh and other officials made the announcement at Liberty Warehouse in Red Hook, Brooklyn.

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