Description/Abstract
Climate disasters pose fiscal challenges for local governments by increasing recovery costs and demand for property tax relief. Homeowners with or without property damage face tax burdens that may not match changes to their property value. This study examines the impact of Hurricane Sandy on property values and tax assessments in New York City. Using a difference-in-differences approach and comprehensive property-level data, we find that (1) inundated properties faced greater tax burdens due to limited declines in taxable value; (2) unaffected properties in flood zones saw tax burden increases due to declining market values and unchanged taxable values; and (3) higher-valued homes bore larger tax burden hikes. These uneven consequences stem largely from constrained assessment caps and selective tax relief measures, with strong implications for reforming property tax administration and design.
Document Type
Working Paper
Date
9-30-2025
Keywords
Natural disaster, Property tax, Value assessment, Tax relief, Tax administration
Language
English
Series
Working Papers Series
Disciplines
Economic Policy | Economics | Emergency and Disaster Management | Environmental Policy | Finance | Public Administration | Public Affairs, Public Policy and Public Administration | Public Policy
ISSN
1525-3066
Recommended Citation
Guo, Wei; Miao, Qing; Kim, Yusun; and Hou, Yilin, "Rising Waters, Falling Taxes: The Impact of Hurricane Sandy on Property Tax Assessments in New York City" (2025). Center for Policy Research. 509.
https://surface.syr.edu/cpr/509
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.
Included in
Economic Policy Commons, Emergency and Disaster Management Commons, Environmental Policy Commons, Finance Commons, Public Administration Commons, Public Policy Commons
