NYC Banking Commission Recommends Eliminating Interest on July Property Tax Payments

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>


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>


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 Committees Consider Two COVID-19 Tenant Protection Bills

Testimonies at the public hearing revealed concerns about the two bills and their impact on the City’s tenants and landlords. On April 28, 2020, the City Council Committee on Housing and Buildings, and Committee on Consumer Affairs and Business Licensing held a joint public hearing on two bills that will provide protection to residential and commercial tenants who are financially impacted by COVID-19. Introduction 1912, sponsored by Council Speaker Corey Johnson, will prohibit court … <Read More>


Governor Cuomo Extends Eviction Moratorium Through August

Advocates and industry leaders calling for more protections and more action from Governor. On May 7, 2020, New York Governor Andrew Cuomo issued Executive Order No. 202.28, extending the eviction moratorium through August 20, 2020. The moratorium prevents the filing of eviction proceedings against both residential and commercial tenants. The original eviction moratorium, came by way of Chief Administrative Judge Lawrence K. Marks on March 15, 2020, and was reinforced by Governor Cuomo’s Executive <Read More>