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    The City’s Tax Lien Sale Now Delayed Until Late September

    Tax Lien Sale  •  Citywide

    New York Governor Andrew Cuomo Image Credit: Mayors Press Office

    Governor Cuomo signs executive order to delay tax lien sale. On September 4, 2020, New York City Mayor Bill de Blasio announced a delay of the City’s annual tax lien and water lien sale. The sale which was originally scheduled for May 2020 and was postponed to September 4, 2020, as a result of the COVID-19 pandemic, will now take place on September 25, 2020. The announcement comes after New York Governor Andrew Cuomo signed an executive order suspending the City’s ability to hold a lien sale. To read the Governor’s executive order click here.

    (read more…)

    Tags : A.I. Namm & Son Department Store, Department of Finance, Governor Andrew Cuomo, Mayor Bill de Blasio, tax lien sale, Water Lien
    Date:09/15/2020
    Category : Mayor
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    City Council Intends to Aid Property Owners with Two Tax Deferment Bills

    Property Taxes  •  Citywide

    Public Advocate Jumaane Williams Image Credit: NYC City Council

    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, Committee on Finance public hearing.

    (read more…)

    Tags : Andrew Cuomo, Council Member Margaret Chin, COVID-19, Department of Finance, Governor Andrew Cuomo, property tax, Public Advocate Jumaane Williams, Small Business Relief
    Date:06/24/2020
    Category : City Council
    (1) Comment

    Council Passes Legislation to Protect Not-For-Profits from Tax Lien Sales

    Tax Lien   •  Citywide

    Council Member Antonio Reynoso. Image credit: William Alatriste, New York City Council

    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 ombudsperson within the City’s Department of Finance.

    (read more…)

    Tags : Council Member Antonio Reynoso, Department of Finance, New York City Council, not-for-profit businesses, tax lien, tax lien sale
    Date:04/22/2020
    Category : City Council
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    City Offers Payment Plans and Deferral Programs for Property Tax Payments

    COVID-19  •  Citywide

    Department of Finance Payment Calculator Image Credit: Department of Finance

    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 aimed to lower the amount of taxes owed and provide payment plans for those individuals who qualify. The programs are as follows:

    (read more…)

    Tags : COVID-19, Department of Finance, Foreclosure Sale, Mayor Bill de Blasio, Tax abatement, Tax Deferment, Tax Payments
    Date:04/07/2020
    Category : Department of Finance
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    De Blasio Administration Expands Benefits of Rent Freeze Programs

    Rent Freeze Programs  •  Citywide

    Mayor Bill de Blasio. Image credit: CityLand

    The Housing Stability and Tenant Protection Act makes it possible to freeze rents at preferential rates for qualifying New Yorkers. On September 18, 2019, the de Blasio administration released guidance regarding renter rights under the Housing Stability and Tenant Protection Act. This guidance will allow New Yorkers who pay preferential rents in rent-stabilized apartments to benefit from the City’s Rent Freeze Programs. (read more…)

    Tags : Department of Finance, disability rent increase exemption, rent control, rent freeze programs, senior citizen rent increase exemption
    Date:10/03/2019
    Category : Mayor
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    Comptroller Report: Property Taxes Are Increasingly Hurting Low-Income New Yorkers

    Property Taxes  •  Citywide

    Image credit: City of New York, Office of the Comptroller.

    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 ease the burden of taxpayers at this income level. The report shows how the City tax relief programs fare in comparison to other states that offer tax benefit programs, specifically Maryland and Washington D.C, where benefits are higher and more expansive. The report is a call to policy makers and the recently established NYC Advisory Commission on Property Tax Reform to re-evaluate the impact of property tax increases and the ineffectiveness of existing tax benefit programs in order to turn New York City’s tax system from a regressive one to a progressive one. To read CityLand’s prior coverage on NYC Advisory Commission on Property Tax Reform, click here (read more…)

    Tags : Basic STAR, Circuit Breaker, City Comptroller, City Comptroller Scott Stringer, Department of Finance, Enhanced STAR, NYC Advisory Commission on Property Tax Reform, NYC Enhanced Property Tax Benefit, NYC School Tax Credit, property taxes, SCHE, tax credit, tax reform, tax relief, tax relief program
    Date:09/25/2018
    Category : Comptroller's Office
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