The impact of Hurricane Sandy throughout the state of New York was widespread and devastating. While relief efforts have been and continue to be remarkable, many have experienced damage, including property damage, which will not be remedied until 2013 and beyond. In the hardest-hit areas, whether rebuilding will happen at all remains an open question. Properties damaged by Hurricane Sandy may be eligible for significant assessment reductions, resulting in a substantially lower tax burden. Accordingly, a reduction in assessment must be sought on properties that have sustained significant damage.
The Real Property Tax Law calls for equitable distribution of the assessment roll based on the condition of each property on taxable status day. Specifically, Section 302 of the Real Property Tax Law requires the taxable status of real property be determined annually… Read More