Property Tax Interest Reduction

For property taxes due July 1, 2020 

The New York City Council recently passed legislation that reduces the late payment interest rate for property taxes due on July 1, 2020, for eligible property owners who have been impacted by COVID-19. 

The legislation reduces late payment interest from 3.25% to 0% from July 1 through September 30, 2020, for property owners who are billed quarterly and own property with an assessed value of $250,000 or less. The legislation also reduces late payment interest from 18% to 7.5% from July 1 through October 15, 2020, for eligible property owners who are billed semi-annually and own property with an assessed value of more than $250,000.

For Properties Billed Quarterly 

To qualify, the owner’s property must be a tax class 1 one-, two-, or three-family home, or a condominium, and be the owner's primary residence. In addition, all the  owners must have an income that is less than $150,000 and the owner must have been impacted by COVID-19, either through their own illness or that of a household member, or through the loss of a primary source of income due to COVID-19.

The deadline to file was September 30, 2020.

For Properties Billed Semi-Annually

To qualify, the owner must own one of two types of properties:

  1. A building with 30 or fewer residential units, representing more than half the space of the building, at least half of which are rent-regulated. These owners must have seen a decrease in income of at least 25% from March 7 through June 30, 2020, compared to the same period in 2019, due to COVID-19; or

  2. A tax class 4 commercial building with an assessed value under $750,000 which has seen a decrease in business income from the property of at least 50% from March 7 through June 30, 2020, compared to the same period in 2019 due to COVID-19.
The deadline to file was September 30, 2020.