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File #: Res 1835-2013    Version: * Name: Establish that the interest rate be 9% per annum for FY'14 for non-payment of taxes on properties with an assessed value of not more than $250,000, or not more than $250,000 per residential unit for cooperative apartments.
Type: Resolution Status: Adopted
Committee: Committee on Finance
On agenda: 6/24/2013
Enactment date: Law number:
Title: Resolution to establish that the interest rate be 9% per annum for Fiscal Year 2014 for non-payment of taxes on properties with an assessed value of not more than $250,000, or not more than $250,000 per residential unit for cooperative apartments.
Sponsors: Domenic M. Recchia, Jr., Letitia James, Peter A. Koo
Council Member Sponsors: 3
Attachments: 1. Committee Report, 2. Hearing Transcript - Finance 6-26-13, 3. Hearing Transcript - Stated Meeting 6-26-13
Date Ver.Prime SponsorAction ByActionResultAction DetailsMeeting DetailsMultimedia
6/26/2013*Domenic M. Recchia, Jr. City Council Approved, by CouncilPass Action details Meeting details Not available
6/26/2013*Domenic M. Recchia, Jr. Committee on Finance Hearing Held by Committee  Action details Meeting details Not available
6/26/2013*Domenic M. Recchia, Jr. Committee on Finance Approved by CommitteePass Action details Meeting details Not available
6/24/2013*Domenic M. Recchia, Jr. City Council Introduced by Council  Action details Meeting details Not available
6/24/2013*Domenic M. Recchia, Jr. City Council Referred to Comm by Council  Action details Meeting details Not available
Res. No. 1835
 
 
Resolution to establish that the interest rate be 9% per annum for Fiscal Year 2014 for non-payment of taxes on properties with an assessed value of not more than $250,000, or not more than $250,000 per residential unit for cooperative apartments.
 
 
By Council Members Recchia, James and Koo
 
      Whereas, Pursuant to Section 11-224.1 of the Administrative Code of the City of New York, as amended by Local Law No. 66 of 2008, 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 not more than two hundred fifty thousand dollars ($250,000), or not more than two hundred fifty thousand dollars ($250,000) per residential unit for cooperative apartments; and
      Whereas, The Banking Commission is required to propose a rate at least equal to 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 13, 2013, 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 City's best interest to encourage the prompt payment of taxes on real estate by all taxpayers; and
      Whereas, The Banking Commission recommends 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 not more than two hundred fifty thousand dollars ($250,000), or not more than two hundred fifty thousand dollars ($250,000) per residential unit for cooperative apartments, be nine percent (9%) per annum for Fiscal 2014; now, therefore, be it
      Resolved, That the Council of the City of New York establishes that the interest rate be nine percent (9%) per annum for Fiscal Year 2014 for non-payment of taxes on properties with an assessed value of not more than two hundred fifty thousand dollars ($250,000), or not more than two hundred fifty thousand dollars ($250,000) per residential unit for cooperative apartments.