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.

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(Left to Right): Mayor Bill de Blasio, Department of Finance Commissioner Jacques Jiha, and Comptroller Scott Stringer./Image Credit: Office of the Mayor, Department of Finance, and Office of the Comptroller

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 Comptroller Scott Stringer.

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One Park Avenue. Image Credit: Google Maps

City Tax Appeals Tribunal determined transfer was not eligible for special reduced rate. One Park Avenue Mezz Partners LLC, a subsidiary of industry giant Vornado Realty Trust, held a 100 percent equity interest in a commercial building located at One Park Avenue in Manhattan. In March 2011, while looking to refinance the building, Vornado had that equity interest transferred in full to two new subsidiary real estate investment trusts. The compensation was roughly $5.6 million ($2.25 million in cash and $3.375 million in the form of ownership stakes in the grantee trusts). (read more…)

Date: Thursday, January 23, 2020

Time: 2:00 p.m. – 5:10 p.m.

Location: 185 West Broadway, (Bet. Worth and Leonard Sts.), Auditorium

*Registration: $250 General Admission / $100 NYC Agency Attorneys

CLE: 3.5 Transitional and Nontransitional CLE Credits: 3.0 in Professional Practice and 0.5 in Ethics and Professionalism

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Mayor Bill de Blasio. Image Credit: Benjamin Kanter/Mayoral Photo Office.

Advisory commission will conduct comprehensive review of property tax system. On May 31, 2018, Mayor De Blasio announced the formation of an advisory commission to develop recommendations to reform the City’s property tax system. The reform aims to make the property tax system simpler, clearer, and fairer, as well as ensure that there is no reduction in revenue used to fund essential City services. The property tax system has not had an in-depth review by such commission since 1993. (read more…)

NYC HPD

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 2017. (read more…)