New York City Council Header
File #: Res 2015-2009    Version: * Name: Establish that the interest rate be 18% per annum for Fiscal Year 2010 for non-payment of taxes on properties with an assessed value of over $250,000, or over $250,000 per residential unit for cooperative apartments.
Type: Resolution Status: Adopted
Committee: Committee on Finance
On agenda: 6/10/2009
Enactment date: Law number:
Title: Resolution to establish that the interest rate be 18% per annum for Fiscal Year 2010 for non-payment of taxes on properties with an assessed value of over $250,000, or over $250,000 per residential unit for cooperative apartments.
Sponsors: David I. Weprin
Council Member Sponsors: 1
Attachments: 1. Committee Report, 2. Press Release, 3. Hearing Testimony, 4. Hearing Transcript - Stated Meeting 6/19/09, 5. Heairng Transcript
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
6/19/2009*David I. Weprin City Council Approved, by CouncilPass Action details Meeting details Not available
6/19/2009*David I. Weprin Committee on Finance Hearing Held by Committee  Action details Meeting details Not available
6/19/2009*David I. Weprin Committee on Finance Approved by CommitteePass Action details Meeting details Not available
6/10/2009*David I. Weprin City Council Referred to Comm by Council  Action details Meeting details Not available
6/10/2009*David I. Weprin City Council Introduced by Council  Action details Meeting details Not available

Res. No. 2015

 

Resolution to establish that the interest rate be 18% per annum for Fiscal Year 2010 for non-payment of taxes on properties with an assessed value of over $250,000, or over $250,000 per residential unit for cooperative apartments.

 

By Council Member Weprin

 

                     Whereas, Pursuant to Section 11-224.1 of the Administrative Code of the City of New York, as added by Local Law No. 62 of 2005, the Banking Commission is required to recommend to the City Council, not later than the 25th of May of each year, the proposed interest rate to be charged for non-payment of taxes on properties with an assessed value of over two hundred fifty thousand dollars ($250,000), or over two hundred fifty thousand dollars ($250,000) per residential unit for cooperative apartments; and

                     Whereas, The Banking Commission is required to propose a rate of at least six percent (6%) per annum greater than the prevailing interest rate charged for commercial loans extended to prime borrowers by commercial banks operating in the City (the “Prime Rate”); and

                     Whereas, The Banking Commission notes that as of May 20, 2009, the Prime Rate stands at three and one-quarter percent (3.25%) as published by the Federal Reserve Board of Governors; and

                     Whereas, It is in the best interest of the City to encourage the prompt payment of taxes on real estate by all large taxpayers; and

                     Whereas, The Banking Commission recommended to the City Council, that the interest rate to be charged for non-payment of taxes on properties where the assessed value on a parcel is over two hundred fifty thousand dollars ($250,000), or over two hundred fifty thousand dollars ($250,000) per residential unit for cooperative apartments, be eighteen percent (18%) per annum for Fiscal 2010; now, therefore, be it

                     Resolved, That the Council establishes that the interest rate be 18% per annum for Fiscal Year 2010 for non-payment of taxes on properties with an assessed value of over $250,000, or over $250,000 per residential unit for cooperative apartments.

 

 

 

 

 

 

 

 

TE 5-27-09

LS#7539