Bloomberg Announces Tax Relief For Homeowners Hurt By Sandy

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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.

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