Tax break for owners of Sandy-damaged homes

The City Council on Monday voted to give New York City’s Sandy-hit property owners a break by issuing an interest-free extension on the next property tax bill.

The grace period will postpone payments due on January 1, 2013 for three months -- to April 1.  This may help those who had insurance coverage to collect before shelling out on taxes.

The extension will apply to residential properties that received a “red tag” from the Department of Buildings -- about 3,000 properties. The average property tax bill is $506.

The IRS is also offering tax extensions for state residents affected by Sandy.