Tax Plan Will Help Long Island Homeowners & Prevent Property Tax Shift from Sandy Damaged Homes to Non-Damaged Homes
Schumer Secured Federal Funding in the Sandy Relief Bill; Funds Will Replace Lost Revenue for Long Island and Hold Down Looming Property Tax Hikes Triggered by Sandy Devastation
WASHINGTON, D.C. – May 14, 2013 – (RealEstateRama) — U.S. Senator Charles E. Schumer today announced his support for a plan on Long Island that uses Sandy Supplemental federal funding to stabilize property taxes in order to prevent a heavy burden from falling onto the shoulders of non-Sandy effected homeowners. The plan will also provide tax breaks to homeowners hit hard by Sandy. Schumer fought hard to secure this Sandy relief funding and today praised the plan for using these federal funds to help local taxpayers on Long Island.
“This is exactly the kind of plan we had in mind when we fought so hard to pass the federal Sandy relief package. The bottom line is that these precious federal funds will be used to prevent Long Islanders from having to pay skyrocketing property tax rates after Superstorm Sandy,” said Schumer. “Sandy was a large storm and this federal funding means that local taxpayers do not have to shoulder the costs on their own.”
“If not for the federal funds Senator Schumer secured in the Sandy Supplemental bill, Nassau’s tax stabilization plan, which protects homeowners and business owners from a property tax increase associated with the damage created by Hurricane Sandy, would not be possible. I thank Senator Schumer for his tireless efforts to help Sandy victims as well as his work to prevent tax increases to non-Sandy victims,” said Nassau County Executive Ed Mangano.
The property tax stabilization plan uses funds from the Sandy Relief Bill to replace lost revenue to prevent a tax shift from Sandy damaged homes to non-Sandy damaged homes.
The plan involves:
· An assessment roll frozen at pre-Hurricane Sandy values.
· Nassau County residents have been providing structural damage reports to the County’s Department of Assessment.
· The value of the loss will equal the exemption to reflect the loss.
· The loss in revenue will be funded through Recovery Plan with Property Tax Stabilization funds.
