Interest 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 n

A Local Law to amend the administrative code of the city of New York, in relation to interest 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 nonpayment of water and sewer rents

This 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.