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A05810 Summary:

BILL NOA05810
 
SAME ASSAME AS S04734
 
SPONSORRosenthal D
 
COSPNSR
 
MLTSPNSR
 
 
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.
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A05810 Actions:

BILL NOA05810
 
03/23/2023referred to real property taxation
07/17/2023enacting clause stricken
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A05810 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A5810
 
SPONSOR: Rosenthal D
  TITLE OF BILL: An act authorizing the commissioner of finance of the city of New York to establish a property tax amnesty program; and providing for the repeal of such provisions upon expiration thereof   PURPOSE OR GENERAL IDEA OF BILL: Create a. property tax amnesty program   SUMMARY OF PROVISIONS: Section 1. Directs the NYC Commissioner of Finance to establish a 4-month Amnesty Program for property owners who have a delinquent tax bill. For a property owner who owes more than $1,000, if 100 percent of the principal bill is paid, 100 percent of interest will be forgiven; if 50 percent of the principal bill is paid, 75 percent of interest will be forgiven; if 25 percent of the principal bill is paid, 50 percent of interest will be forgiven. Any property owner With a remaining delin- quent balance must enter into a payment plan. Any property owner with a delinquent property tax balance of less than $1,000 shall be eligible for forgiveness of 100 percent of the interest on such delinquent property tax balance if 100 percent of the principal bill is paid. Section 2. Effective date   JUSTIFICATION: The pandemic has been difficult and many homeowners and businesses have fallen behind on their property taxes. According to the annual report on Property taxes in New York City(1), the city's property tax delinquency rate went from 1.69% in FY2019 up to 2.36% in FY2021. The increase of the amount of people not paying their property taxes creates two signif- icant problems: the City's tax revenue suffers, while property owners are hit with enormous interest on their unpaid taxes, which then makes it even harder to pay. This program mirrors a similar program recently instituted by New York City and the Department of Environmental Protection (DEP), where inter- est on overdue water bills would be forgiven if customers settle their outstanding balance(2). With the future of NYC's lien sale program in doubt, this program would provide an excellent mechanism to bring in a significant amount of tax revenue to New York City, while helping property owners who have strug- gled to pay their property taxes. This program will allow individuals and businesses an opportunity to get back on track with their tax payments and not fear losing their home or business due to back taxes. 1:https://www.nyc.gov/assets/finance/downloads/pdf/ reports/reports- propertytax/nyc property fy22.pdf 2:https://www.nyc.gov/office-of-the-mayor/news/077- 23/meyor-adams-helps-newyorkers-saye-up-150-million- overdue-water-bills   LEGISLATIVE HISTORY: New Bill   FISCAL IMPLICATIONS: To be determined   EFFECTIVE DATE: Immediately and shall expire and be deemed repealed one year after its enactment
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A05810 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5810
 
                               2023-2024 Regular Sessions
 
                   IN ASSEMBLY
 
                                     March 23, 2023
                                       ___________
 
        Introduced  by  M.  of  A. D. ROSENTHAL -- read once and referred to the
          Committee on Real Property Taxation
 
        AN ACT authorizing the commissioner of finance of the city of  New  York
          to  establish  a  property  tax amnesty program; and providing for the
          repeal of such provisions upon expiration thereof

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
 
     1    Section  1.  Notwithstanding any provision of law to the contrary, the
     2  commissioner of finance of the city  of  New  York  shall  establish  an
     3  amnesty program for any property owner who has a delinquent property tax
     4  balance of more than $1,000 for more than one year. Such amnesty program
     5  shall last for a period of 4 months and shall:
     6    1. Forgive 100 percent of the interest on such delinquent property tax
     7  balance, if 100 percent of the principal bill is paid;
     8    2.  Forgive 75 percent of the interest on such delinquent property tax
     9  balance, if 50 percent of the principal bill is paid; and
    10    3. Forgive 50 percent of the interest on such delinquent property  tax
    11  balance, if 25 percent of the principal bill is paid.
    12    Any property owner with a delinquent property tax balance of less than
    13  $1,000  shall be eligible for forgiveness of 100 percent of the interest
    14  on such delinquent property tax balance if 100 percent of the  principal
    15  bill  is  paid.  Any property owner with a remaining delinquent property
    16  tax balance after participation  in  the  program  shall  enter  into  a
    17  payment agreement with the commissioner of finance.
    18    §  2.  This  act shall take effect immediately and shall expire and be
    19  deemed repealed one year after such date.
 
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08923-01-3
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