MAYOR BLOOMBERG AND FINANCE COMMISSIONER FRANKEL ANNOUNCE $90 MILLION IN PROPERTY TAX REDUCTIONS FOR HOMES AND BUSINESSES IMPACTED BY HURRICANE SANDY

New York, NY – May 28, 2013 – (RealEstateRama) — Mayor Michael R. Bloomberg and Finance Commissioner David M. Frankel today announced a $90.3 million reduction in property taxes for homes and businesses impacted by Hurricane Sandy. The reduction is a result of reassessments that the Department of Finance conducted to ensure that the final values reflected damages to homes and businesses, as well changes in market value following the storm.