Governor Cuomo signs Sandy assessment relief bill

Last week, Gov. Andrew Cuomo signed into law a bill to provide nearly $4 million in tax relief for Hurricane Sandy victims who made repairs to their home. The legislation establishes a partial tax abatement for real property that was repaired and rebuilt following Sandy. The bill authorizes New York City to enact a local law granting a partial abatement of real property taxes so that the owners of these properties will not incur such a large increase in their real property taxes for fiscal year 2015. The bill was unanimously passed by both the Senate and Assembly last month.