Assemblywoman Kimberly Jean-Pierre (D-Babylon) announced that a bill she sponsored has passed the Assembly and is now waiting on action from the Senate. Her bill would provide tax relief for Long Island homeowners who were forced to repair or rebuild their homes in the wake of Superstorm Sandy and as a result are facing higher property taxes because of new assessment values (A.7274-A).
“Superstorm Sandy hit Long Island hard and now residents struggling to rebuild and recover are facing the possibility of being taxed out of their homes because of increased assessments,” said Assemblywoman Jean-Pierre. “This legislation would provide much-needed property tax relief and would help ensure families can continue to call our community home.”
According to the U.S. Department of Commerce, the combined cost of damages associated with the storm and new preparedness measures is estimated at over $4.8 billion for Long Island’s housing sector alone. Faced with steep repair bills, many property owners have had to take out loans to cover their costs.
As homeowners complete their rebuilding and repairs, the assessed value of their home often goes up due to the new construction. Assemblywoman Jean-Pierre’s bill would allow a temporary exemption to provide a gradual tax increase over an eight-year period for eligible homeowners affected by the storm.
Similar legislation was signed into law last month but only applies to New York City (Ch. 14 of 2015). Assemblywoman Jean-Pierre would like to see that kind of relief given to recovering communities on Long Island.
“Our families deserve all the help we can give them as they work to rebuild,” said Assemblywoman Jean-Pierre. “I am calling on my colleagues in the Senate to act on this bill to ensure that Long Island has the opportunity to come back stronger than ever.”