Starting fiscal year 2015/16, homeowners who rebuild or repair properties in Tax Classes 1, 2, and 4 may qualify for an adjustment to their property values.
To qualify for this tax relief:
- The assessed value of the building must have decreased in 2013 from the assessed value in 2012.
- The assessed value of the building must have increased, or will increase, as a result of repairs or rebuilding from 2014 through 2020.
Department of Finance (DOF) mailed Revised Notices of Property Values dated May 21, 2015, to owners of properties with assessed values that have been adjusted, so their property taxes are calculated as if the storm had not occurred.
Learn more about Hurricane Sandy Tax Relief.