NYC specific: Does anyone know if one has to Report Severe Property Damage from Hurricane?

Started by ElonaB • 2 replies • 1213 views

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ElonaB (New York)
Posts: 8

Posted:

I was told that perhaps I should fill out a damage form to my property to lessen the taxes on the property:

http://www.nyc.gov/html/dof/html/property/property_hurricane_sandy_reporting.shtml

However, I am afraid that if I do so won't my property go down in value? What else can happen? I guess the question is should I or should I not fill this out? On one hand, the taxes might be less on the other hand if I'd like to sell the property later - how will this form effect the future sale?

Thanks,
Elona

MelissaP1 (Alabama)
Posts: 13,836

Posted:

This is a tax expert type question. It's NOT like claiming car damages. Where it goes on your title or history report. The tax just is to help not paying taxes on natural disater damages.

Think about it...Would not all the homes effected by Sandy lose it's value if repairs effected home values? Your all in the same boat.

Fill out the form if you want to pay less taxes this year.

Former HOA President

FredS7 (Arizona)
Posts: 927

Posted:

> However, I am afraid that if I do so won't my property go down in value?

I think your property will go down in value because of what happened to it, not because you filled out a form.

By the way, when you sell, you will be obliged to make disclosures, and any buyer will almost certainly want an inspection (more so than usual for an NYC purchase).

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