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NYC to give tax extension for storm-hit homes

NEW YORK (AP) -- New York City homeowners with badly storm-damaged houses are getting some extra time to pay their city property taxes.

Mayor Michael Bloomberg and City Council Speaker Christine Quinn announced Thursday that the city will postpone payments due Jan. 1 to April 1, interest free.

The grace period applies to residential properties that need extensive repairs to be habitable or are damaged beyond repair.

The city also wants to reimburse such homeowners for some of their property taxes, so the payments would more accurately reflect the properties' post-storm values. That idea needs state lawmakers' approval.