Towns’ Next Hit From Hurricane Is to Tax Revenue

Photo by Robert Stolarik

nytimes.com - by Alison Leigh Cowan - January 24th, 2013

Localities across the New York region, already reeling from the cost of cleaning up from Hurricane Sandy, are confronting the prospect of an even bigger blow to their finances: a precipitous decline in property tax revenues.

The storm damaged tens of billions of dollars’ worth of real estate, especially in coastal areas of Long Island and New Jersey. As a result, localities can no longer expect to reap the same taxes from properties that have lost much of their value — in some cases, permanently.

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