Mayor Bill de Blasio is announcing a plan today to help homeowners still struggling to rebuild after Hurricane Sandy.
The Wall Street Journal says 1,500 New Yorkers could be hit with higher property taxes after repairing their homes. Even if a homeowner restored their house to its condition before Sandy, it's expected to increase the value of their home and raise their property taxes.
"For New Yorkers impacted by Sandy, every dollar makes a difference," de Blasio said through a spokeswoman. "By making sure that these homeowners aren't forced to pay higher taxes - on top of everything else they've already dealt with - we can provide them with vital financial relief when they need it most."
Mayor de Blasio will push Albany to provide these homeowners with a tax break. But time is running out, as the city is expected to send out property tax bills in about six weeks. The city controls its property tax rate, but special abatements have to be approved by Governor Andrew Cuomo and the state legislature.
An aide for Governor Cuomo said the governor is open to reviewing the proposal. Assembly Speaker Sheldon Silver is said to support tax breaks for Sandy victims.
Source: Wall Street Journal
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