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.
(more…)
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.
(more…)
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:
(more…)
Council Member Mark Levine speaking with Council Member Ritchie Torres to his left. Image credit: William Alatriste/New York City Council
The watchlist and online map would keep track of affordable housing rental units at-risk of becoming unaffordable, as defined by specified criteria. On April 7, 2016, New York City Council Members Ritchie Torres and Mark Levine introduced a bill to implement the creation of a watchlist for affordable residential rental units Citywide that are at risk of losing their affordable-housing status. The bill provides the requisite criteria to be met by a residential rental unit listed on the watchlist, and calls on three separate City agencies to work together in creating and maintaining the watch list. (more…)
