Tax break for owners of Sandy-damaged homes

December 12, 2012 Mary Frost Brooklyn Daily Eagle
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The City Council on Monday voted to give New York City’s Sandy-hit property owners a break by issuing an interest-free extension on the next property tax bill.

The grace period will postpone payments due on January 1, 2013 for three months — to April 1.  This may help those who had insurance coverage to collect before shelling out on taxes.

The extension will apply to residential properties that received a “red tag” from the Department of Buildings — about 3,000 properties. The average property tax bill is $506.

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The IRS is also offering tax extensions for state residents affected by Sandy.

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