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 FY'22 for property owners adversely affected 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 2022 for property owners adversely affected by COVID-19

This bill would authorize the City Council to adopt by resolution a zero percent interest rate for the nonpayment of taxes due on July 1, 2021, on October 1, 2021, or on July 1, 2021 and October 1, 2021, and paid between July 15, 2021 and December 31, 2021 for fiscal year 2022 for real property. To be eligible, property owners would be required to demonstrate to the Department of Finance (DOF) by no later than November 30, 2021 that they were adversely affected by COVID-19 and be either: (a) enrolled in a Property Tax and Interest Deferral Program installment agreement with DOF; or (b) have a property with an assessed value of $250,000 or less and an income of less than $150,000. DOF would be required to report to the Speaker no later than February 1, 2022 the number of properties for which the lower interest rate was imposed, the total amount of tax due and the total amount of interest reduced pursuant to the provisions of this local law, disaggregated by qualifying provision, and the aggregate value of the real property tax liability of those properties. The bill also mandates notice and outreach regarding the program.