NY Allows Cities to Grant Tax Relief to Homes Damaged by Storms

New Yorkers could be eligible for property tax relief if their homes are damaged in natural disaster events, under a bill signed by Gov. Kathy Hochul (D) on Saturday.

The legislation (S7515A) empowers municipalities and other local taxing authorities to provide tax abatements to properties damaged in major disasters such as storms, fires, earthquakes, and hurricanes.

The credit will cover the reduction in assessed value caused by the severe event, with localities able to set a “maximum benefit ceiling.” If the size of the benefit exceeds the amount of tax owed on the property, the tax break will ...