Requiring the dept of finance to provide new homeowners with information about real property taxes and exemptions.

A Local Law to amend the administrative code of the city of New York, in relation to requiring the department of finance to provide new homeowners with information about real property taxes and exemptions

The Department of Finance (DOF) is required to publish a property tax informational brochure for class 1 and class 2 properties describing the way those properties are valued and assessed, explaining how those values affect property tax bills, providing information about property tax exemptions, and setting forth the timeline of relevant property tax deadlines. This local law would require that, whenever a document transferring ownership of a one-to-four family home or a residential cooperative and condominium is recorded with the City Register or Richmond County Clerk, DOF would have to mail or email a copy of the property tax informational brochure to the new homeowners.