Res 0360-2018
Establish that the interest rate be 7% per annum for FY`19 for non-payment of taxes on properties with an assessed value of not more than $250,000, or not more than $250,000 per residential unit for cooperative apartments.
ResolutionAdoptedCommittee on Financeintroduced 2018-05-23
Adopted by the full Council.
Official record · Legistar
Agenda: 2018-05-23Passed: 2018-05-23
Committee on Finance — Executive Budget review and Budget modification, Banking Commission, Comptroller's Office, Department of Finance, Independent Budget Office, Office of Administrative Tax Appeal, and fiscal policy and revenue from any source.
How it compares
100% of similar bills passed
50 passed · 0 died
This bill: 0 days in committee
Similar bills: median 0 days · 0 days when passed
Compared against 50 Resolution bills in Committee on Finance.
Ranked by how closely each matches this bill's topic — closest first:
Res 0361-2018
Establish that the interest rate be 18% percent per annum for FY'19 for non-payment of taxes on properties with an assessed value of over $250,000, or over $250,000 per residential unit for cooperative apartments.
0dAdopted
Res 0889-2019
Establish that the interest rate be 7 percent per annum for FY'20 for non-payment of taxes on properties with an assessed value of not more than $250,000, or not more than $250,000 per residential unit for cooperative apartments.
0dAdopted
Res 0531-2026
Interest rate be 9% per annum for FY'27 for non-payment of taxes on properties with an assessed value of more than $250,000 but less than or equal to $450,000, or more than $250,000 but less than or equal to $450,000 per residential unit.
0dAdopted
Res 0530-2026
Interest rate be 6% per annum for FY'27 for non-payment of taxes on properties with an assessed value of not more than $250,000, or not more than $250,000 per residential unit for cooperative apartments.
0dAdopted
Res 0890-2019
Establish that the interest rate be 18 percent per annum for FY'20 for non-payment of taxes on properties with an assessed value of over $250,000, or over $250,000 per residential unit for cooperative apartments.
0dAdopted
Res 0193-2022
Establish that the interest rate be seven percent per annum for Fiscal Year 2023 for non-payment of taxes on properties with an assessed value of more than $250,000 but less than or equal to $450,000, or more than $250,000 but less than or equal to $450,0
13dAdopted
+ 44 more comparable bills
Sponsors (1)
Lifecycle
HeardHearing on P-C Item by Comm
2018-05-23 · Committee on Finance
AdvancedP-C Item Approved by Comm
2018-05-23 · Committee on Finance
IntroducedIntroduced by Council
2018-05-23 · City Council
ActionReferred to Comm by Council
2018-05-23 · City Council
AdvancedApproved, by Council
2018-05-23 · City Council
Votes (64)
Aye (38)
Francisco P. MoyaHelen K. RosenthalCorey D. JohnsonMargaret S. ChinAndrew CohenCosta G. ConstantinidesAdrienne E. AdamsAlicka Ampry-Samuel Diana I. AyalaFernando Cabrera Laurie A. CumboChaim M. DeutschDaniel Dromm Rafael L. Espinal, Jr.Vanessa L. GibsonBen KallosPeter A. KooBrad S. LanderStephen T. LevinAlan N. MaiselCarlos MenchacaAntonio ReynosoCarlina Rivera Rafael Salamanca, Jr.Ritchie J. TorresMark TreygerMark LevineJustin L. BrannanMathieu EugeneKeith Powers Daniel Dromm Andrew CohenLaurie A. CumboVanessa L. GibsonKeith Powers Helen K. RosenthalFrancisco P. MoyaAdrienne E. Adams
Nay (14)
Inez D. BarronRuben Diaz, Sr.Mark Gjonaj Barry S. GrodenchikRobert F. HoldenDonovan J. RichardsDeborah L. RoseEric A. UlrichPaul A. ValloneKalman Yeger Joseph C. BorelliSteven MatteoBarry S. GrodenchikSteven Matteo
Absent (11)
Ydanis A. RodriguezRobert E. Cornegy, Jr.Andy L. KingKaren KoslowitzRory I. LancmanBill PerkinsJames G. Van BramerJumaane D. WilliamsJames G. Van BramerRobert E. Cornegy, Jr.Rory I. Lancman
Excused (1)
I. Daneek Miller
Heard at (2)
City Council · 2018-05-23 · 1:30 PM · Council Chambers - City Hall
Committee on Finance · 2018-05-23 · 9:30 AM · Committee Room - City Hall
Attachments (7)
- Res. No. 360
- New York City Banking Commission Letter
- Committee Report
- Hearing Transcript 5/23/18
- May 23, 2018 - Stated Meeting Agenda with Links to Files
- Hearing Transcript - Stated Meeting 5-23-18
- Minutes of the Stated Meeting - May 23, 2018
Full text
By Council Member Dromm
Whereas, Pursuant to Section 11-224.1 of the Administrative Code of the City of New York the Banking Commission is required to recommend to the City Council, not later than the 13th day of May of each year, the proposed interest rate to be charged for non-payment of taxes on properties with an assessed value of not more than $250,000, or not more than $250,000 per residential unit for cooperative apartments; and
Whereas, The Banking Commission is required to propose a rate at least equal to the prevailing interest rate charged for commercial loans extended to prime borrowers by commercial banks operating in the City (the "Prime Rate"); and
Whereas, The Banking Commission notes that as of May 10, 2018, the Prime Rate stands at four and three-quarters percent as published by the Board of Governors of the Federal Reserve System; and
Whereas, It is in the best interest of the City to encourage the prompt payment of taxes on real estate by all large taxpayers; and
Whereas, The Banking Commission forwarded its recommendation to the Council, by letter dated May 11, 2018, that the interest rate to be charged for the non-payment of taxes on properties where the assessed value on a parcel is not more than $250,000, or not more than $250,000 per residential unit for cooperative apartments, be 7 percent per annum for Fiscal Year 2019; now, therefore, be it
Resolved, That the Council of the City of New York establishes that the interest rate be 7 percent per annum for Fiscal Year 2019 for non-payment of taxes on properties with an assessed value of not more than $250,000, or not more than $250,000 per residential unit for cooperative apartments.
RC LS#7067
5/18/18