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NY S04734
Bill
Status
2/14/2023
Primary Sponsor
Simcha Felder
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AI Summary
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Authorizes the New York City Commissioner of Finance to establish a 4-month property tax amnesty program for property owners with delinquent balances over $1,000 for more than one year.
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Forgives 100 percent of interest if 100 percent of principal is paid; forgives 75 percent of interest if 50 percent of principal is paid; and forgives 50 percent of interest if 25 percent of principal is paid.
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Property owners with delinquent balances under $1,000 may receive 100 percent interest forgiveness if they pay the full principal amount.
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Requires property owners with remaining delinquent balances after program participation to enter into a payment agreement with the Commissioner of Finance.
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Takes effect immediately and expires and is repealed one year after enactment.
Legislative Description
Authorizes the commissioner of finance of the city of New York to establish a property tax amnesty program; provides that such program shall last for 4 months and shall forgive up to $1000 of interest on a delinquent tax bill if 100 percent of the principal bill is paid.
Last Action
COMMITTED TO RULES
6/7/2024