NY State Senate Bill 2023-S4734

Senate Bill S4734

2023-2024 Legislative Session

Authorizes the commissioner of finance of the city of New York to establish a property tax amnesty program

download bill text pdf

Current Bill Status - In Senate Committee Cities 1 Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2024	referred to cities 1
Feb 14, 2023	referred to cities 1

2023-S4734 (ACTIVE) - Details

Current Committee:: Senate Cities 1
Law Section:: Real Property Taxation

2023-S4734 (ACTIVE) - Summary

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.

2023-S4734 (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S4734

SPONSOR: FELDER
 
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', the city's property tax delinquency
rate went from 1.69% in FY2019 up to 2.36% in FY2021. The increase in
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 balance2.

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.

 
LEGISLATIVE HISTORY:

New Bill
 
FISCAL IMPLICATIONS:

To be determined

 
EFFECTIVE DATE:
Immediately and shall expire and be deemed repealed one year after its
enactment
1:https://www.nyc.gov/assets/finance/downloads/pdf/reports/reports-proper
tytax/nyc property fy22.pdf
2:https://www.nyc.gov/office-of-the-mayor/news/077-23/mayor-adams-helps-
newyorkers-save-up-150-million-overdue-water-bills

2023-S4734 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4734
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 14, 2023
                                ___________
 
 Introduced  by  Sen.  FELDER -- read twice and ordered printed, and when
   printed to be committed to the Committee on Cities 1
 
 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:
 
   Section  1.  Notwithstanding any provision of law to the contrary, the
 commissioner of finance of the city  of  New  York  shall  establish  an
 amnesty program for any property owner who has a delinquent property tax
 balance of more than $1,000 for more than one year. Such amnesty program
 shall last for a period of 4 months and shall:
   1. Forgive 100 percent of the interest on such delinquent property tax
 balance, if 100 percent of the principal bill is paid;
   2.  Forgive 75 percent of the interest on such delinquent property tax
 balance, if 50 percent of the principal bill is paid; and
   3. Forgive 50 percent of the interest on such delinquent property  tax
 balance, if 25 percent of the principal bill is paid.
   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.  Any property owner with a remaining delinquent property
 tax balance after participation  in  the  program  shall  enter  into  a
 payment agreement with the commissioner of finance.
   §  2.  This  act shall take effect immediately and shall expire and be
 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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