Taxes down for Sandy-hit NYC homes, businesses

NEW YORK (AP) -- More than 88,000 New York City property owners affected by Superstorm Sandy had their property values revised for this year, with many getting lower tax bills, Mayor Michael Bloomberg said Tuesday.

The Department of Finance reassessed areas of the city that were hit hard by the storm, with the goal of making sure property values reflected any 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 saw a lower property tax bill.

"Since Hurricane Sandy struck, we've been doing everything possible to help homeowners and business owners whose properties were damaged," Bloomberg said. "The Department of Finance's work to reach out to property owners, inspect damage and adjust values will ensure that storm damage is accurately reflected in property tax bills this coming year — and the $90 million reduction will stay in the communities hit hardest by Sandy, helping families rebuild and supporting local businesses."

Bloomberg also announced that the application process for the city's Sandy-related business and loan grant program has started. The money, $293 million, is part of $1.77 billion allocated to the city by the federal government as Sandy aid.

The $293 million has been tagged for use in business loans and grants, investments in business resiliency, as well as a competition to spur development of resilient technologies.