On March 14, 2023, Mayor Eric Adams signed Local Law 36 of 2023. The new law was originally introduced as Int. No. 524 on June 6, 2022, by Council Member David M. Carr. Local Law 36 aims to ensure that eligible homeowners with a total income of $250,000 or less receive relief on property tax debts by authorizing the New York City Banking Commission to recommend an interest rate applicable to such debts.
Search Results for: Property Tax
Property Tax Lien Sale Program Extended by City Council
The City’s Lien Sale Program has been extended another four years with some minor modifications. A lien is a legal claim against a property for unpaid property taxes, water, sewer or other property charges. When the property owner has been delinquent for a specified period of time, the City is allowed to sell the liens to an authorized third party. The new purchaser then has the authority to collect the money that was previously owed … <Read More>
City Council Intends to Aid Property Owners with Two Tax Deferment Bills
Public Hearing hinges on interest rates and how property tax deferments affect the City budget. On June 18, 2020, the City Council officially introduced two bills that would defer July 1, 2020, property tax liabilities for COVID-19 impacted property owners. One bill addresses the tax liabilities of primary residences and the other addresses the tax liabilities of businesses affected by the pandemic. The bills were originally heard as preconsidered bills at the June 10, 2020, … <Read More>
Council Passes Legislation to Protect Not-For-Profits from Tax Lien Sales
Council backs not-for-profit sector with new legislation. On March 29, 2020, Local Law 42 of 2020 was adopted by the City without the Mayor signing it following unanimous City Council approval. Local Law 42 was originally introduced as Int. No 245-of 2018 by Council Member Antonio Reynoso and was later amended twice. The new law creates an exemption for City tax lien sales of properties owned by not-for-profit organizations. The law also creates a not-for-profit … <Read More>
City Council Approves Tax Exemption to Preserve Affordable Housing
Dean Atlantic HDFC received property tax exemption for seven buildings. On August 21, 2014, the City Council voted 47-0 to approve an Article XI property tax exemption on seven buildings owned by the Dean Atlantic Housing Development Finance Corporation. The Department of Housing Preservation and Development requested the exemption from the City Council on Dean Atlantic’s behalf. The buildings are all in Brooklyn Community Board 16, covering the Ocean Hill and Brownsville communities. Six … <Read More>
Council seeks to end MSG’s tax break
Resolution asks Albany to end Madison Square Garden’s property tax exemption. On January 30, 2008, the City Council passed a resolution calling upon the State legislature to revoke Section 429 of the State’s Real Property Law, which allows Madison Square Garden to receive a full property tax exemption.
The exemption dates back to 1982 and allows the Mayor to negotiate with the Garden to ensure the Knicks and Rangers continue to use the facility because … <Read More>