Notice regarding property tax rates.

A Local Law to amend the administrative code of the city of New York, in relation to notice regarding property tax rates

The Department of Finance typically mails out property tax bills for the July 1 due date in early June, prior to the Council’s adoption of the tax rate for the new fiscal year. Therefore, these bills reflect the prior year’s tax rate. The taxes due are subsequently recalculated upon adoption of the new tax rate and such adjustments are reflected on subsequent property tax bills. This local law would require the Department of Finance to include notice on property tax bills that use a prior year’s tax rate that the taxes due are subject to adjustment upon the adoption of the tax rate for the new fiscal year.