(April 2014) Assemblyman Bill Magee (D-Nelson) announced the New York State budget includes a provision that will allow, at local option, home and business owners – whose properties suffered major damage due to the severe weather and flooding that occurred last summer – to apply for a property tax reassessment, if their 2013 assessed value did not reflect such damage (Part T of A.8555-D).
“The last thing you want to face after your home or business has been flooded is a tax bill for property that’s been destroyed,” said Assemblyman Magee. “While we have done much to rebuild our community, there are many people still struggling with the loss from the floods. That’s why we are giving municipalities the ability to re-assess properties damaged in last year’s floods and offer appropriate tax relief.”
Last year, flood waters inundated the cities of Oneida and Sherrill and surrounding communities, causing millions of dollars of damage. The budget provision grants Madison and Oneida counties, the option to reassess properties severely damaged or destroyed between June 20, 2013, and August 9, 2013, so the assessments reflect the post-flood values. Additionally, refunds would be provided to taxpayers whose property assessments are lowered. The measure also includes a graduated scale of property tax reduction levels based on the amount of damage home and business owners sustained.