Property Tax Update
On January 22, Mayor Bloomberg signed into law a bill that provides a grace period for payment of real property taxes for properties with an assessed value of more than $250,000.
The City Council agreed to Mayor Michael Bloomberg's proposal to rescind the 7-percent property tax reduction. The need to rescind the temporary property tax cut last month required recalculation of the real property tax installment that was due and payable on January 1.
The Council rejected the mayor’s proposal to cancel the $400 homeowner rebate. The city sent out the checks during the week of December 22. The legislation also increased the amount of assessed value from $80,000 to $250,000 to enable a property owner to pay the property tax on a quarterly basis.
The enactment of the original property tax legislation provided little time for the City to mail out Statements of Account with the amount of the January installment prior to the payable due date, nor did it provide a grace period for payment of this installment without interest for properties with an assessed value of more than $250,000. Under the new law, no interest or fees will be imposed if the tax was paid by January 16, 2009.
The City Council agreed to Mayor Michael Bloomberg's proposal to rescind the 7-percent property tax reduction. The need to rescind the temporary property tax cut last month required recalculation of the real property tax installment that was due and payable on January 1.
The Council rejected the mayor’s proposal to cancel the $400 homeowner rebate. The city sent out the checks during the week of December 22. The legislation also increased the amount of assessed value from $80,000 to $250,000 to enable a property owner to pay the property tax on a quarterly basis.
The enactment of the original property tax legislation provided little time for the City to mail out Statements of Account with the amount of the January installment prior to the payable due date, nor did it provide a grace period for payment of this installment without interest for properties with an assessed value of more than $250,000. Under the new law, no interest or fees will be imposed if the tax was paid by January 16, 2009.
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