File #: Res 0900-2007    Version: * Name: Recommendation of the discount rate to be allowed for prepayment of real estate taxes for FY'08.
Type: Resolution Status: Adopted
Committee: Committee on Finance
On agenda: 6/5/2007
Enactment date: Law number:
Title: Resolution to establish that the discount percentage for early payment of real estate taxes be set at 1.5% per annum for Fiscal Year 2008.
Sponsors: David I. Weprin, Leroy G. Comrie, Jr., Lewis A. Fidler, Robert Jackson, Michael C. Nelson, Domenic M. Recchia, Jr.
Council Member Sponsors: 6
Attachments: 1. Committee Report, 2. Hearing Transcript, 3. Hearing Transcript - Stated Meeting 6/5/07
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
6/5/2007*David I. Weprin City Council Approved, by CouncilPass Action details Meeting details Not available
6/5/2007*David I. Weprin City Council Referred to Comm by Council  Action details Meeting details Not available
6/5/2007*David I. Weprin City Council Introduced by Council  Action details Meeting details Not available
6/5/2007*David I. Weprin Committee on Finance Hearing on P-C Item by Comm  Action details Meeting details Not available
6/5/2007*David I. Weprin Committee on Finance P-C Item Approved by CommPass Action details Meeting details Not available
Preconsidered Res. No. 900
 
 
Resolution to establish that the discount percentage for early payment of real estate taxes be set at 1.5% per annum for Fiscal Year 2008.
 
 
By Council Members Weprin, Comrie, Fidler, Jackson, Nelson and Recchia Jr.
 
Whereas, Section 1519-a of the New York City Charter, as added by Local Law No. 62 of 2005, requires the Banking Commission to recommend to the City Council, not later than the twenty-fifth day of May in each year, a proposed discount percentage for early payment of real estate taxes to be effective for the ensuing fiscal year; and
Whereas, On May 22, 2007, the Banking Commission transmitted to the City Council its recommendation that the discount percentage for early payment of real estate taxes prior to the dates on which such taxes become due and payable be set at one and one-half percent (1 ½%) per annum for Fiscal Year 2008; now, therefore, be it
Resolved, That the Council establishes that the discount percentage for early payment of real estate taxes be set at one and one-half percent (1½ %) per annum for Fiscal Year 2008.  
 
 
 
 
AB
5/30/07
LS# 3338