New tax relief for disaster victims

New Yorkers may qualify for property tax relief following natural disasters, thanks to a new bill signed by Governor Kathy Hochul. The legislation, known as S7515A, allows local taxing authorities to offer tax abatements for properties affected by significant events like storms and fires. The relief will correspond to the reduction in assessed property value due to the disaster, with municipalities able to establish a maximum benefit limit. If the benefit surpasses the tax owed, the tax break will be adjusted accordingly.