The New York City Department of Finance has issued a new property tax rule to grant a rebate, as authorized by Administrative Code §11-240, of real property taxes to owners of certain real property seriously damaged by Hurricane Sandy. The rebate will be paid to the owner of the building as of October 30, 2012. Because many of these property owners may have been forced to relocate, the rule authorizes the Commissioner of Finance to credit the amount of the rebate to real property taxes and real property-related charges imposed on the real property where the rebate applies. The credit will be made if the rebate check is not cashed or deposited within 90 days after Finance has mailed the rebate check.