Remarks by Mayor Michael R. Bloomberg at a Public Hearing on Local Laws
“The final two bills before me provide property tax relief to victims of Hurricane Sandy and veterans.
WASHINGTON, D.C. – August 13, 2013 – (RealEstateRama) — “Introductory Number 1120 is sponsored at the request of the Mayor in conjunction with Speaker Quinn and Council Members Oddo, Recchia, Ignizio, Vallone, Chin, Comrie, Dickens, Eugene, Fidler, Gentile, Koo, Koslowitz, Richards, Williams, Wills, Halloran, Nelson and Dromm.
“This bill provides property tax rebates to owners of properties most severely damaged by Hurricane Sandy. Upon the bill’s enactment, the Department of Finance will send rebates to approximately 1,100 property owners, for an amount equal to two-thirds of the taxes due on the value of the structure that were due for Fiscal Year 2013. For single family homeowners, that equates to a median rebate amount of $629. For commercial property owners, the median rebate will be $3,426. These rebates will provide much needed relief to property owners devastated by Hurricane Sandy.
“Introductory Number 1064 is sponsored by Speaker Quinn and Council Members Ignizio, Recchia, Oddo, Arroyo, Chin, Comrie, Dickens, Eugene, Fidler, Koo, Lander, Palma, Richards, Vann, Dromm, Van Bramer, Gentile, Nelson, Williams and Halloran.
“This bill allows property owners receiving the Veterans Tax Exemption to receive a prorated exemption if they move from one property to another mid-way through the tax year, ensuring veterans receive the maximum benefit possible.
“I would like to thank Department of Finance Commissioner David Frankel and Mayor’s Office of Veterans Affairs Commissioner Terrance Holliday and their staff for their work on these bills, along with my Office of City Legislative Affairs. I would also like to thank the City Council for approving this legislation.”
MEDIA CONTACT:
Marc LaVorgna/Evelyn Erskine (212) 788-2958
