Schroder & Strom, LLP offers guidelines to those hardest hit by Superstorm Sandy

Owners of storm damaged homes are overwhelmed with financial and emotional issues never before experienced on Long Island. While reporting and filing damage claims with the Federal Emergency Management Agency (FEMA) and home insurers is first and foremost, most of the same owners have neglected to report the same facts to their local tax assessor (county, town or village assessor). The hard reality of flood damage is that the market value of a home is severely diminished during the period of time it is burdened with the cost of repair and restoration. Should another storm hit with the ferocity of Sandy, and even now while recovery efforts are underway, every owner of a damaged property should send their assessor a letter describing the date and nature of the event that damaged their home. Photos and cost estimates should be attached. Houses in Suffolk County are valued for tax purposes as of March 1 each year. The Nassau County valuation date is January 2, with most incorporated villages and Long Beach using the same date. If your home is not repaired and you have sustained significant damage as of those dates, you are entitled to a reduction in assessment in the coming year. Do not rely on government to reduce your taxes. Take affirmative steps to protect your financial interests. Michael Schroder is a partner with Schroder & Strom, LLP, Mineola, N.Y.