Proposed Chapter 19 Rules, Rebate for Owners of Certain Real Property Seriously Damaged by Hurricane Sandy
Proposed Rules: Closed to Comments
STATEMENT OF BASIS AND PURPOSE
On July 31, 2013, Chapter 250 of the Laws of 2013 was enacted, effective immediately, which added a new section 467-g to the Real Property Tax Law. In accordance with Chapter 250, Local Law 67 of 2013 (enacted on August 12, 2013 and deemed effective July 31, 2013) added a new section 11-240 to the New York City Administrative Code to grant a rebate of real property taxes to owners of certain real property seriously damaged by Hurricane Sandy.
Section 11-240 provides a rebate of real property taxes for any tax lot in the City that contained property on which there is a building that the Department of Buildings has determined to be seriously damaged and unsafe to enter or occupy or completely demolished as a result of the effects of Hurricane Sandy.
The law provides that the rebate be paid to the owner who owned the building on October 30, 2012. Because many of these property owners may have been forced to relocate, the Department of Finance anticipates that some of the rebate checks that are mailed to such owners will not be received and thus not cashed or deposited.
In order to ensure that the best effort is made to provide the benefit of the rebate in the most efficient way to such owners, these rules authorize the Commissioner of Finance to credit the amount of the rebate to real property taxes and real property-related charges imposed on the real property where the rebate applies. The credit will be made if the rebate check is not cashed or deposited within ninety days after the Department of Finance mailed the rebate check. This credit is to be made only if the owner who is entitled to the rebate remains the owner of the property. In the cases in which it is presumed that a rebate check has not been received by the property owner, providing the credit in this manner will give the property owner the benefit intended by the State Legislature and the City Council.