An organization challenged New York City’s property tax system as unfair, unconstitutional and discriminatory. Tax Equity Now NY LLC, an association of property owners and renters, filed a lawsuit challenging the New York City property tax system. The owners and renters alleged that the City’s property tax system was unfair and results in racial discrimination. The association made several claims: the owners of one-, two- and three-family homes pay too little in taxes as a … <Read More>
Search Results for: Property Tax
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>
EVENT ANNOUNCEMENT: New York City Property Tax CLE 2020
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
Mayor Announces Advisory Commission on Property Tax Reform
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 … <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>
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>