Due to the COVID-19 pandemic, Councilmember Justin Brannan wrote a letter to Mayor Bill de Blasio and NYC Department of Finance Jacques Jiha to request assistance in lowering the interest rate on late property tax payments for the upcoming bill due July 1.
In the letter, he requested the rate be lowered from seven percent for properties assessed at less than $250,000 and 18 percent for properties assessed at greater than $250,000 to three percent for all properties.
“Many landlords, big and small, are not collecting rent at this time, as many tenants have been left unable to pay,” he wrote. “I fully support and appreciate the city and state protections that have been put in place for renters and mortgage holders. No one should lose their home over failure to pay rent due to COVID-19. But we also have to acknowledge that in New York City’s housing ecosystem, a tenant’s rent payment is often how a landlord pays their property taxes.
“The vast majority of property owners have seen their income decrease drastically, and many may be unable to currently meet their property tax burden. Providing some relief on this burden will allow property owners who rent to tenants to allow additional time and flexibility to get back on track.
“This is not a time for the city to be putting anyone further in the hole with burdensome interest rates.”