The recommendation will also impact interest rates for small property owners not impacted by COVID-19. On May 13, 2020, the New York City Banking Commission recommended that the City Council create a new hardship exemption to eliminate interest on late payments for property taxes due in July for small property owners who faced financial hardship due to COVID-19. The Banking Commission is comprised of Mayor Bill de Blasio, Department of Finance Commissioner Jacques Jiha, and … <Read More>
Search Results for: Property Tax Exemption
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 Offers Payment Plans and Deferral Programs for Property Tax Payments
Department of Finance looks to ease tax burden on homeowners through deferment programs and suspension of the annual tax lien sale. On March 24, 2020, the Department of Finance announced several measures intended to assist property owners with their tax payments amidst the COVID-19 outbreak. With unprecedented unemployment rates, many throughout the city will have difficulty paying their taxes come the close of the fiscal quarter and going forward. Each of the following programs is … <Read More>
Comptroller Report: Property Taxes Are Increasingly Hurting Low-Income New Yorkers
Comptroller calls for an expansion of property tax relief programs in the City. On September 6, 2018, New York City Comptroller Scott M. Stringer issued a report detailing property tax increases in the City from 2005 to 2016 and their effect on households at different income levels. The report highlights the dramatic impact that these increases have had, particularly on households with incomes below $50,000 and the inability of existing property tax relief programs to … <Read More>
421-a Property Tax Process Renewed
The revised Section 421-a offers new opportunities for affordable housing. The 421-a property tax exemption began in 1971 as an incentive for developers to develop badly needed housing in New York City. When the real estate market rebounded in the 80s, the program was amended to condition tax abatements on the construction of affordable housing units. The program expired in June 2016. In its place, the State Legislature passed the “Affordable New York” program in … <Read More>
Property tax on $111 million sale upheld
Realty company claimed property transfer was exempt from City taxes. In April 2007, the Gramercy Capital Corporation purchased a forty-five percent ownership share in the Marbridge building at 2 Herald Square in Manhattan, and the SL Green Realty Corporation purchased the remaining fifty-five percent interest. In December 2010, the two owners formed the 2 Herald Owner LLC and each transferred their respective interests into the Owner LLC. On the same day in December 2010, … <Read More>