real property taxes Subscribe to RSS - real property taxes

Proposed Rules: Closed to Comments

Agency:
Comment By: 
Tuesday, October 1, 2013
Proposed Rules Content: 

 

 

STATEMENT OF BASIS AND PURPOSE

 

On July 31, 2013, Chapter 250 of the Laws of 2013 was enacted, effective immediately, which added a new section 467-g to the Real Property Tax Law. In accordance with Chapter 250, Local Law 67 of 2013 (enacted on August 12, 2013 and deemed effective July 31, 2013) added a new section 11-240 to the New York City Administrative Code to grant a rebate of real property taxes to owners of certain real property seriously damaged by Hurricane Sandy.

 

Section 11-240 provides a rebate of real property taxes for any tax lot in the City that contained property on which there is a building that the Department of Buildings has determined to be seriously damaged and unsafe to enter or occupy or completely demolished as a result of the effects of Hurricane Sandy.

 

The law provides that the rebate be paid to the owner who owned the building on October 30, 2012. Because many of these property owners may have been forced to relocate, the Department of Finance anticipates that some of the rebate checks that are mailed to such owners will not be received and thus not cashed or deposited.

 

In order to ensure that the best effort is made to provide the benefit of the rebate in the most efficient way to such owners, these rules authorize the Commissioner of Finance to credit the amount of the rebate to real property taxes and real property-related charges imposed on the real property where the rebate applies. The credit will be made if the rebate check is not cashed or deposited within ninety days after the Department of Finance mailed the rebate check. This credit is to be made only if the owner who is entitled to the rebate remains the owner of the property. In the cases in which it is presumed that a rebate check has not been received by the property owner, providing the credit in this manner will give the property owner the benefit intended by the State Legislature and the City Council.

 

 

Subject: 

Opportunity to comment on proposed rules relating to the rebate for owners of certain real property seriously damaged by Hurricane Sandy

Location: 
345 Adams Street, 3rd Floor
Brooklyn, NY 11201
Contact: 

Beth Goldman
Deputy Commissioner for Legal Affairs
345 Adams Street, 3rd Floor, Brooklyn, New York 11201
GoldmanBeth@Finance.nyc.gov

Proposed Rules: Closed to Comments

Agency:
Comment By: 
Wednesday, October 2, 2013
Proposed Rules Content: 

 

 

BASIS AND PURPOSE OF PROPOSED RULES

 

 

Section 467-a of the Real Property Tax Law, originally enacted by chapter 273 of the Laws of 1996, established a partial reduction of real property taxes in the form of an abatement for qualifying real property held in the cooperative or condominium form of ownership. Chapter 4 of the Laws of 2013 amended this section to establish additional criteria for eligibility and requirements for abatement applications for fiscal years beginning in 2012, 2013 and 2014.

 

These proposed rules clarify the eligibility criteria and application requirements by providing:

 

       an explanation of the abatement amount calculation

 

       abatement application requirements for fiscal years beginning in 2012, 2013 and 2014, and the circumstances in which no application is required for the fiscal year beginning in 2012;

 

       that the Commissioner of Finance may require a supplemental application to gather additional information from a cooperative or condominium unit owner to determine eligibility;

 

       clarification of the definition of primary residence and the enhanced abatement available to a unit owner if one of the owner’s units is the owner’s primary residence;

 

       that units in a cooperative or condominium that are receiving an exemption or abatement from another section of law are ineligible for the abatement, and the exceptions to this rule;

 

       clarification of the eligibility requirement that a unit owner own no more than three units in the same development;

 

       that if the Commissioner of Finance determines that the unit was transferred primarily for the purpose of receiving the abatement, then the abatement application will be denied and the abatement already granted will be revoked;

 

       that if the property is in arrears of real property taxes or other City charges that total at least $1,000, then an abatement application will be denied, and an abatement already granted will be revoked; and

 

       that the Commissioner of Finance may recover any erroneous or excessive abatement that is granted.

 

 

Subject: 

Opportunity to comment on proposed rules relating to the partial tax abatement for residential real property held in the cooperative or condominium form of ownership

Location: 
345 Adams Street, 3rd floor
Brooklyn, NY 11201
Contact: 

Beth Goldman
Deputy Commissioner for Legal Affairs
345 Adams Street, 3rd Floor, Brooklyn, New York 11201
GoldmanBeth@Finance.nyc.gov