Bloomberg Announces Tax Relief For Homeowners Hurt By Sandy

rockaway park, rockaway beach, far rockaway, new york city, queens, sandy, relief, recovery, hurricane, frankenstorm, damage, destruction, nyc, bi, dng, nov 2012

Photo: Daniel Goodman / Business Insider

On his personal website, Mike Bloomberg recently announced property tax relief measures to help homeowners who suffered damage from Hurricane Sandy.From Bloomerg’s website:

To provide immediate relief, the Finance Department, with the authorization of the City Council, will issue an interest-free extension on the next property tax bill for residential properties damaged beyond repair or in need of extensive structural repairs before they can be re-inhabited. The grace period will postpone payments due on January 1, 2013 to April 1, 2013.

The interest-free extension applies to all properties that received a red tag – notice of required structural repairs – from the Department of Buildings. Mayor Bloomberg has also enacted other homeowner relief programs enacted since Sandy, including NYC Rapid Repairs, a $500 million program which helps restore utilities to damaged areas.

The City requires the State Legislature to approve another measure that would reimburse homeowners for a portion of this year’s property taxes.

The total damage from Hurricane Sandy has been estimated at $62 billion.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.