City announces property tax reduction for Sandy-affected owners

Tax breaks are on the way for thousands of city homeowners whose properties were wrecked by superstorm Sandy.

Mayor Michael Bloomberg announced Tuesday that 88,000 property owners will receive notices about their reduced property taxes. The new prices reflect building damage from the Oct. 29 storm as well as the change in market value for the properties.

"The $90 million reduction will stay in the communities hit hardest by Sandy, helping families rebuild and supporting local businesses," the mayor said in a statement.

The city's Finance Department said Class 1 and Class 2 residential properties saw a 15% decrease in market value, while Class 4 commercial properties saw a 10% decrease in value since the storm.