May 26, 2020 Comments Off on RE Groups Call for Freeze on NYC Property Tax Rates Views: 711 Midtown New York, New York News

RE Groups Call for Freeze on NYC Property Tax Rates

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A diverse group of business and property owners, civic leaders and community advocates asked the de Blasio administration to provide property tax relief to offset rising expenses and economic instability resulting from the Covid-19 pandemic.

The Real Estate Board of New York (REBNY), the NAACP NYS Conference, the Council of New York Cooperatives & Condominiums, the Hospitality Alliance, the Hotel Association of NYC, Building Owners and Managers Association, and Brooklyn and Queens Chambers of Commerce are calling for three immediate steps:

• Freeze property tax rates and assessments so that tax bills do not increase
• Reduce interest penalties from 18% to 3%.
• Allow owners to pay their taxes on monthly payment plans

New York City property tax rates have increased nearly 50% since Mayor Bill de Blasio took office, and are set to rise again in the midst of a severe economic and public health crisis, REBNY notes.

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