NYC Offers Property-Tax Relief Initiatives For Homeowners Impacted By Hurricane Sandy

NEW YORK (Nov. 30, 2012) -- Mayor Michael R. Bloomberg, City Council Speaker Christine C. Quinn and Finance Commissioner David M. Frankel yesterday announced new property tax relief initiatives to assist New Yorkers whose homes were severely damaged by Hurricane Sandy.

To provide immediate relief, the Finance Department, with the authorization of the City Council, will issue an interest-free extension on the next property tax bill for residential properties damaged beyond repair or in need of extensive structural repairs before they can be re-inhabited.

The grace period will postpone payments due on Jan. 1 to April 1. The City also proposed to reimburse homeowners for a portion of the property taxes due this Fiscal Year so that the payments more accurately reflect properties’ post-storm values.

The reimbursement measure would require approval from the State Legislature. The Mayor, Speaker and Commissioner made the announcement on Staten Island at one of the City’s seven Restoration Centers. They were joined by Council Members James S. Oddo, Domenic M. Recchia, Jr., Deborah Rose and Michael Nelson, Staten Island Borough President James Molinaro and Brooklyn Borough President Marty Markowitz.

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VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com .

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