Int 0524-2022

Interest rates applicable to installment agreements for the payment of property tax arrears.

This bill 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 an eligible property with an assessed value of $250,000 or less is the subject of a valid payment agreement plan with the Department of Finance. Eligible properties must be the primary resident of the homeowner(s) whose total income does not exceed $200,000. These threshold cover 82 percent on New York City primary resident homeowners. The rate recommended by the Banking Commission must be at least equal to the most recently determined federal short-term interest rate rounded to the nearest half percent. The Department of Finance must conduct outreach for the new rate and report back to the Mayor and the Speaker. 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.

Status

Enacted

Introduced By