One year after the devastation of Hurricane Sandy, the redevelopment of many of New York’s damaged areas has shed some light on this disaster with additional plans for expansion in the locations affected by Sandy. How will this affect NY retail and your business in particular?
Sandy has had a tremendous impact on property taxes. Retail properties damaged by Sandy are entitled to significant tax savings due to the change in condition of the property and owner’s expenditures for repairs. Assessors have been mindful of this and through communication with them, municipalities have recognized the appropriateness of reducing the tax burden on locations that incurred damage. The recently passed Sandy legislation provides further retroactive relief to both the municipality and taxpayer as well. This type of proactive behavior allows for swift recovery and provides a new foundation upon which properties can be restored and improved upon.