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Please note: this meeting's minutes have not been finalized yet. Actions taken on legislation and their results are not available.
Meeting Name: Committee on Finance Agenda status: Final
Meeting date/time: 11/20/2018 10:00 AM Minutes status: Draft  
Meeting location: 250 Broadway - Committee Rm, 16th Fl.
Published agenda: Agenda Agenda Published minutes: Not available  
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Int 1143-2018 *Daniel Dromm   Installment agreements for the payment of real property taxes, assessments and other charges.IntroductionCurrently, when property owner owes property tax arrears they may enter into an installment agreement with the Department of Finance to pay off the debt over a period of up to ten years with a zero dollar down payment. The installment amounts are then calculated based on the amount owed, interest rates, and pay-off period, but without regard for income or ability to pay. This local law would create three income-based installment agreements for eligible one- to three- family and condominium property owners where such property is the primary residence. All three installment agreements would be available only to property owners with combined incomes of $50,000 or less. The senior low-income installment agreement would allow property owners who are at least 65 years old to defer payment of a percentage of their tax arrears and prospective tax liability until the termination of the installment agreement upon expiration, death, or transfer. The fixed-length income-based installment agreement would allow property owners to pay off tax arrears and one year of prospective tax liability by paying installments based on a percentage of income until the debt is repaid. Finally, the extenuating circumstances income-based installment agreement would allow property owners with extenuating circumstances (such as loss of income due to unemployment, death, treatment of an illness, military service, or involuntary absence) to enter into a one-year installment agreement to pay off tax arrears and property taxes that accrue during that year by paying installments based on a percentage of income. A property that is the subject of one of the installment agreements would be exempt from the tax lien sale. The current ten-year, zero down payment plan would continue to exist alongside these new payment plan options.   Not available Not available
T2018-3275 *Daniel Dromm  PreconsideredInterest rates applicable to installment agreements for the payment of property tax arrears, and to repeal subdivision c of section 11-312 and subdivision e of subdivision 313, relating to the interest rates recommended by the banking commission for the nIntroductionThis local law would authorize the New York City Banking Commission to recommend, and the Council to adopt, an interest rate that would be applicable to the property tax arrears that accrue while a property with an assessed value of $250,000 or less is the subject of a valid payment agreement plan with the Department of Finance. The rate recommended by the Banking Commission must be at least equal to the most recently determined federal short-term interest rate. In addition, the local law would repeal provisions requiring the Banking Commission to make certain recommendations for interest rates for the nonpayment of water and sewer rents because those provisions are preempted by a State law setting such interest rates.   Not available Not available