New York City Council Header
Meeting Name: Committee on Finance Agenda status: Final
Meeting date/time: 6/11/2021 10:30 AM Minutes status: Final  
Meeting location: REMOTE HEARING (VIRTUAL ROOM 1)
Published agenda: Agenda Agenda Published minutes: Minutes Minutes  
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Int 1859-2020 *Steven Matteo  Sunset provisions for the alternative exemption for veterans.IntroductionThis local law would require that Local Laws 120 and 128 of 2017, relating to the alternative exemption for veterans, be amended to remove the expiration date of June 30, 2022.Hearing Held by Committee  Action details Not available
Int 1859-2020 *Steven Matteo  Sunset provisions for the alternative exemption for veterans.IntroductionThis local law would require that Local Laws 120 and 128 of 2017, relating to the alternative exemption for veterans, be amended to remove the expiration date of June 30, 2022.Laid Over by Committee  Action details Not available
Int 2331-2021 *Margaret S. Chin PreconsideredAuthorize adoption by resolution of an interest rate for nonpayment of taxes on real property with an assessed value over two hundred fifty thousand dollars in FY'22 for certain property owners adversely affected by COVID-19.IntroductionThis bill would authorize the City Council to adopt by resolution interest rates that are no less than interest rates otherwise applicable to the nonpayment of property taxes in fiscal 2022 for real property with an assessed value of $250,000 or less. To be eligible, property owners would be required to demonstrate to the Department of Finance (DOF) by no later than June 15, 2022 that such property owner either: (a) owns class 2 or 4 real property, the income from which declined, for any six month period between March 7, 2020 and June 30, 2021, by at least 50 percent as compared to the corresponding period in the previous calendar year due to COVID-19; or (b) owns real property where at least 50 percent of the property is used for residential rental dwellings and contains no more than 50 rental dwelling units, of which at least 50 percent are rent regulated accommodations, the income from which declined, for any six month period between March 7, 2020 and June 30, 2021, by at least 25 percent as compared to the corresponding period in the previous calendar year due to COVID-19. Additionally, DOF would be required to report to the Speaker of the Council no later than May 1, 2022 and July 15, 2022 the number of properties for which the lower interest rate was imposed pursuant of this local law and the aggregate value of the real property tax liability of those properties.Hearing on P-C Item by Comm  Action details Not available
Int 2331-2021 *Margaret S. Chin  Authorize adoption by resolution of an interest rate for nonpayment of taxes on real property with an assessed value over two hundred fifty thousand dollars in FY'22 for certain property owners adversely affected by COVID-19.IntroductionThis bill would authorize the City Council to adopt by resolution interest rates that are no less than interest rates otherwise applicable to the nonpayment of property taxes in fiscal 2022 for real property with an assessed value of $250,000 or less. To be eligible, property owners would be required to demonstrate to the Department of Finance (DOF) by no later than June 15, 2022 that such property owner either: (a) owns class 2 or 4 real property, the income from which declined, for any six month period between March 7, 2020 and June 30, 2021, by at least 50 percent as compared to the corresponding period in the previous calendar year due to COVID-19; or (b) owns real property where at least 50 percent of the property is used for residential rental dwellings and contains no more than 50 rental dwelling units, of which at least 50 percent are rent regulated accommodations, the income from which declined, for any six month period between March 7, 2020 and June 30, 2021, by at least 25 percent as compared to the corresponding period in the previous calendar year due to COVID-19. Additionally, DOF would be required to report to the Speaker of the Council no later than May 1, 2022 and July 15, 2022 the number of properties for which the lower interest rate was imposed pursuant of this local law and the aggregate value of the real property tax liability of those properties.P-C Item Laid Over by Comm  Action details Not available
Int 2350-2021 *Francisco P. Moya PreconsideredAuthorize adoption by resolution of an interest rate for nonpayment of taxes on real property with an assessed value of two-hundred and fifty thousand dollars or less in FY'22 for property owners adversely affected by COVID-19.IntroductionThis bill would authorize the City Council to pass a resolution adopting a zero percent interest rate for the late payment of property taxes due on July 1, 2021, October 1, 2021, January 1, 2022 or April 1, 2022 for fiscal year 2022. To be eligible, property owners would be required to demonstrate to the Department of Finance (DOF) by no later than June 15, 2022 that they were adversely affected by COVID-19 and be either: (a) enrolled in a Property Tax and Interest Deferral Program installment agreement with DOF; or (b) have a property with an assessed value of $250,000 or less and an income of less than $150,000. Additionally, for any property with an assessed value of $250,000 or less that has an outstanding balance as of August 1, 2021 resulting from the nonpayment of taxes otherwise due July 1, 2021, DOF would be required to send a notice advising the property owner of the availability of the program with the mailing of the statement of account for the taxes due on October 1, 2021. Finally, DOF would be required to report to the Speaker of the Council no later than May 1, 2022 and July 15, 2022, the number of properties for which the zero percent interest rate was imposed pursuant to the provisions of this local law and the aggregate value of the real property tax liability of those properties.Hearing on P-C Item by Comm  Action details Not available
Int 2350-2021 *Francisco P. Moya  Authorize adoption by resolution of an interest rate for nonpayment of taxes on real property with an assessed value of two-hundred and fifty thousand dollars or less in FY'22 for property owners adversely affected by COVID-19.IntroductionThis bill would authorize the City Council to pass a resolution adopting a zero percent interest rate for the late payment of property taxes due on July 1, 2021, October 1, 2021, January 1, 2022 or April 1, 2022 for fiscal year 2022. To be eligible, property owners would be required to demonstrate to the Department of Finance (DOF) by no later than June 15, 2022 that they were adversely affected by COVID-19 and be either: (a) enrolled in a Property Tax and Interest Deferral Program installment agreement with DOF; or (b) have a property with an assessed value of $250,000 or less and an income of less than $150,000. Additionally, for any property with an assessed value of $250,000 or less that has an outstanding balance as of August 1, 2021 resulting from the nonpayment of taxes otherwise due July 1, 2021, DOF would be required to send a notice advising the property owner of the availability of the program with the mailing of the statement of account for the taxes due on October 1, 2021. Finally, DOF would be required to report to the Speaker of the Council no later than May 1, 2022 and July 15, 2022, the number of properties for which the zero percent interest rate was imposed pursuant to the provisions of this local law and the aggregate value of the real property tax liability of those properties.P-C Item Laid Over by Comm  Action details Not available