Tax & Accounting Blog

New York Superstorm Sandy Relief Act

Blog, ONESOURCE, ONESOURCE Property Tax October 29, 2013

New York has enacted legislation, effective in full force as of today, 10/28/13, called the “Superstorm Sandy Assessment Relief Act.” For taxpayers whose real property lost value due to Superstorm Sandy, the legislation allows assessment reductions for improvements. Depending on the percentage of the value lost, values could be reduced by anywhere from 15% to 100%.  No real property will qualify for the reduction unless the local municipality enacts a local law that adopts this legislation. To qualify for the reduction, taxpayers should send a written request on an Office of Real Property Tax Services-approved form before January 20, 2014 (90 days from October 22). Taxpayers should include the following details in their letter:

  • FEMA determinations
  • Insurance adjuster reports
  • Detailed description of the property condition
  • Detailed description of the damage caused
  • Any supporting documentation