Taxes Down for Sandy-Hit NYC Homes, Businesses

NEW YORK (AP) -

More than 88,000 property owners affected by Superstorm Sandy are going to see their property taxes reduced this coming year, Mayor Michael Bloomberg announced Tuesday.

The Department of Finance reassessed areas of the city that were hit hard by the storm to make sure property values reflected the damage to homes and businesses.

The reassessment means about $90 million less in property taxes than if the original assessments were in place.

The reductions apply to individual properties. However, the city also lowered market values across the board in some areas that had significant storm damage. So even some homes and businesses that weren’t significantly damaged in those areas would see a lower property tax bill.