Deferral of property tax liability on real property with an assessed value of two hundred fifty thousand dollars or less owned by certain property owners impacted by COVID-19.

A Local Law to 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 fiscal year 2021 for property owners adversely affected by COVID-19

This bill would authorize the City Council to pass a resolution adopting a zero percent interest rate the late payment of property taxes due on July 1, 2020, and paid between July 15 and September 30, 2020, for certain class 1 and condominium property owners who use the subject property as their primary residence. To be eligible, property owners would be required to demonstrate to the Department of Finance (DOF) by no later than September 30, 2020 that they were adversely affected by COVID-19 and be either: (a) enrolled in a Property Tax and Interest Deferral Program installment agreement with the Department of Finance (DOF); or (b) have a property with an assessed value of $250,000 or less and an income of less than $150,000. Additionally, DOF would be required to report to the Speaker of the Council no later than November 1, 2020 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.