A Local Law to authorize the expansion of the interest rate relief authorized by local law number 62 for the year 2020 for the nonpayment of taxes on real property with an assessed value over two hundred fifty thousand dollars in fiscal year 2021 for certain property owners adversely affected by COVID-19

Summary

This bill would amend Local Law 62 of 2020 to authorize the Council to adopt by resolution an interest rate of three percent, rather than 7.5 percent, to be charged for nonpayment of taxes, during the period between July 1, 2020 and June 30, 2021, on real property due on July 1, 2020 or January 1, 20201 for real property either(1) classified as class 4 with an assessed value of more than $250,000 and less than $750,000; or (2) with an assessed value over $250,000 (i) where at least 50 percent of the property is used for residential rental dwellings; and (ii) which contains no more than 30 rental dwelling units of which at least 50 percent are rent regulated accommodations. The bill would also delay the reporting requirement to February 1, 2021.

Official summary of legislation · NYC Council