Res 0480-2026

Preconsidered Res. No. 480 ..Title Resolution to establish that the discount percentage for early payment of real estate taxes be set at one-half of one percent per annum for Fiscal Year 2027 ..Body By Council Member Lee Whereas, Pursuant to section 1519-a(7)(b) of the New York City charter, the Banking Commission is required to recommend to the City Council, not later than the 13th day of May, the proposed discount percentage allowed for early payment of real estate taxes; and Whereas, Section 1519-a(7)(c) of the New York City charter provides that the Council may adopt a discount percentage for early payment of real estate taxes no earlier than the 14th day of May; and Whereas, The Banking Commission forwarded its recommendation to the Council, by letter dated May 7, 2026, that the discount percentage for early payment of real estate taxes for Fiscal Year 2027 be set at one-half of one percent per annum; and Whereas, The discount percentage for early payment of real estate taxes has been set at one-half of one percent per annum since Fiscal Year 2016; and Whereas, The Council agrees with the recommendation of the Banking Commission that the discount rate should be set at one-half of one percent per annum; now, therefore, be it Resolved, That the Council of the City of New York establishes that the discount percentage for early payment of real estate taxes be set at one-half of one percent per annum for Fiscal Year 2027.