Details Meeting Name: Committee on Finance Agenda status: Final Meeting date/time: 1/24/2019 10:00 AM Minutes status: Final   Meeting location: Committee Room - City Hall Published agenda: Agenda Published minutes: Minutes   Meeting video: Video   Attachments: CLICK ANY FILE # BELOW (in blue) TO ACCESS LEGISLATION AND ATTACHMENTS Meeting Items (16) 16 records Group Clear sorting Clear grouping Group by Type Group by Result Export Export to Excel Export to PDF Export to Word Show: All agenda items Legislation only All agenda items File # Ver. Prime Sponsor Agenda # Agenda Note Name Type Summary Action Result Action Details Multimedia                     Roll call Not available Int 1038-2018 * Barry S. Grodenchik   Proposed Int. No. 1038-A Amending the requirement that a statement of income and expense certified by a certified public accountant be provided in order for an income-producing property to be granted a reduction in real property assessment by the tax commission. Introduction This local law would increase the threshold for when an income-producing property is required to provide a certified statement of income and expense in order to receive an assessment reduction by the Tax Commission from an assessed value of $1 million to an assessed value of $5 million. The local law would also index the threshold to changes in the aggregate assessed value of all properties in tax classes two and four. Hearing Held by Committee   Action details Not available Int 1038-2018 * Barry S. Grodenchik     Amending the requirement that a statement of income and expense certified by a certified public accountant be provided in order for an income-producing property to be granted a reduction in real property assessment by the tax commission. Introduction This local law would increase the threshold for when an income-producing property is required to provide a certified statement of income and expense in order to receive an assessment reduction by the Tax Commission from an assessed value of $1 million to an assessed value of $5 million. The local law would also index the threshold to changes in the aggregate assessed value of all properties in tax classes two and four. Amendment Proposed by Comm   Action details Not available Int 1038-2018 * Barry S. Grodenchik     Amending the requirement that a statement of income and expense certified by a certified public accountant be provided in order for an income-producing property to be granted a reduction in real property assessment by the tax commission. Introduction This local law would increase the threshold for when an income-producing property is required to provide a certified statement of income and expense in order to receive an assessment reduction by the Tax Commission from an assessed value of $1 million to an assessed value of $5 million. The local law would also index the threshold to changes in the aggregate assessed value of all properties in tax classes two and four. Amended by Committee   Action details Not available Int 1038-2018 A Barry S. Grodenchik     Amending the requirement that a statement of income and expense certified by a certified public accountant be provided in order for an income-producing property to be granted a reduction in real property assessment by the tax commission. Introduction This local law would increase the threshold for when an income-producing property is required to provide a certified statement of income and expense in order to receive an assessment reduction by the Tax Commission from an assessed value of $1 million to an assessed value of $5 million. The local law would also index the threshold to changes in the aggregate assessed value of all properties in tax classes two and four. Approved by Committee Pass Action details Not available Int 1143-2018 * Daniel Dromm   Proposed Int. No. 1143-A Installment agreements for the payment of real property taxes, assessments and other charges. Introduction Currently, when property owner owes property tax arrears they may enter into an installment agreement with the Department of Finance to pay off the debt over a period of up to ten years with a zero dollar down payment. The installment amounts are then calculated based on the amount owed, interest rates, and pay-off period, but without regard for income or ability to pay. This local law would create three income-based installment agreements for eligible one- to three- family and condominium property owners where such property is the primary residence. All three installment agreements would be available only to property owners with combined incomes of $58,399 or less. The senior low-income installment agreement would allow property owners who are at least 65 years old to defer payment of a percentage of their tax arrears and prospective tax liability until the termination of the installment agreement upon expiration, death, or transfer. The fixed-length income-based installment agreement would allow property owners to pay off tax arrears and one year of prospective tax liability by paying installments based on a percentage of income until the debt is repaid. Finally, the extenuating circumstances income-based installment agreement would allow property owners with extenuating circumstances (such as loss of income due to unemployment, death, treatment of an illness, military service, or involuntary absence) to enter into a one-year installment agreement to pay off tax arrears and property taxes that accrue during that year by paying installments based on a percentage of income. A property that is the subject of one of the installment agreements would be exempt from the tax lien sale. The current ten-year, zero down payment plan would continue to exist alongside these new payment plan options. Hearing Held by Committee   Action details Not available Int 1143-2018 * Daniel Dromm     Installment agreements for the payment of real property taxes, assessments and other charges. Introduction Currently, when property owner owes property tax arrears they may enter into an installment agreement with the Department of Finance to pay off the debt over a period of up to ten years with a zero dollar down payment. The installment amounts are then calculated based on the amount owed, interest rates, and pay-off period, but without regard for income or ability to pay. This local law would create three income-based installment agreements for eligible one- to three- family and condominium property owners where such property is the primary residence. All three installment agreements would be available only to property owners with combined incomes of $58,399 or less. The senior low-income installment agreement would allow property owners who are at least 65 years old to defer payment of a percentage of their tax arrears and prospective tax liability until the termination of the installment agreement upon expiration, death, or transfer. The fixed-length income-based installment agreement would allow property owners to pay off tax arrears and one year of prospective tax liability by paying installments based on a percentage of income until the debt is repaid. Finally, the extenuating circumstances income-based installment agreement would allow property owners with extenuating circumstances (such as loss of income due to unemployment, death, treatment of an illness, military service, or involuntary absence) to enter into a one-year installment agreement to pay off tax arrears and property taxes that accrue during that year by paying installments based on a percentage of income. A property that is the subject of one of the installment agreements would be exempt from the tax lien sale. The current ten-year, zero down payment plan would continue to exist alongside these new payment plan options. Amendment Proposed by Comm   Action details Not available Int 1143-2018 * Daniel Dromm     Installment agreements for the payment of real property taxes, assessments and other charges. Introduction Currently, when property owner owes property tax arrears they may enter into an installment agreement with the Department of Finance to pay off the debt over a period of up to ten years with a zero dollar down payment. The installment amounts are then calculated based on the amount owed, interest rates, and pay-off period, but without regard for income or ability to pay. This local law would create three income-based installment agreements for eligible one- to three- family and condominium property owners where such property is the primary residence. All three installment agreements would be available only to property owners with combined incomes of $58,399 or less. The senior low-income installment agreement would allow property owners who are at least 65 years old to defer payment of a percentage of their tax arrears and prospective tax liability until the termination of the installment agreement upon expiration, death, or transfer. The fixed-length income-based installment agreement would allow property owners to pay off tax arrears and one year of prospective tax liability by paying installments based on a percentage of income until the debt is repaid. Finally, the extenuating circumstances income-based installment agreement would allow property owners with extenuating circumstances (such as loss of income due to unemployment, death, treatment of an illness, military service, or involuntary absence) to enter into a one-year installment agreement to pay off tax arrears and property taxes that accrue during that year by paying installments based on a percentage of income. A property that is the subject of one of the installment agreements would be exempt from the tax lien sale. The current ten-year, zero down payment plan would continue to exist alongside these new payment plan options. Amended by Committee   Action details Not available Int 1143-2018 A Daniel Dromm     Installment agreements for the payment of real property taxes, assessments and other charges. Introduction Currently, when property owner owes property tax arrears they may enter into an installment agreement with the Department of Finance to pay off the debt over a period of up to ten years with a zero dollar down payment. The installment amounts are then calculated based on the amount owed, interest rates, and pay-off period, but without regard for income or ability to pay. This local law would create three income-based installment agreements for eligible one- to three- family and condominium property owners where such property is the primary residence. All three installment agreements would be available only to property owners with combined incomes of $58,399 or less. The senior low-income installment agreement would allow property owners who are at least 65 years old to defer payment of a percentage of their tax arrears and prospective tax liability until the termination of the installment agreement upon expiration, death, or transfer. The fixed-length income-based installment agreement would allow property owners to pay off tax arrears and one year of prospective tax liability by paying installments based on a percentage of income until the debt is repaid. Finally, the extenuating circumstances income-based installment agreement would allow property owners with extenuating circumstances (such as loss of income due to unemployment, death, treatment of an illness, military service, or involuntary absence) to enter into a one-year installment agreement to pay off tax arrears and property taxes that accrue during that year by paying installments based on a percentage of income. A property that is the subject of one of the installment agreements would be exempt from the tax lien sale. The current ten-year, zero down payment plan would continue to exist alongside these new payment plan options. Approved by Committee Pass Action details Not available Res 0722-2019 * Daniel Dromm   Preconsidered Approving the new designation and changes in the designation of certain organizations to receive funding in the Expense Budget. Resolution   Hearing on P-C Item by Comm   Action details Not available Res 0722-2019 * Daniel Dromm     Approving the new designation and changes in the designation of certain organizations to receive funding in the Expense Budget. Resolution   P-C Item Approved by Comm Pass Action details Not available LU 0324-2019 * Daniel Dromm   Preconsidered 9 Sherman Associates, Manhattan Land Use Application   Hearing on P-C Item by Comm   Action details Not available LU 0324-2019 * Daniel Dromm     9 Sherman Associates, Manhattan Land Use Application   P-C Item Approved by Committee with Companion Resolution Pass Action details Not available LU 0325-2019 * Daniel Dromm   Preconsidered HP Fort George HDFC, Manhattan Land Use Application   Hearing on P-C Item by Comm   Action details Not available LU 0325-2019 * Daniel Dromm     HP Fort George HDFC, Manhattan Land Use Application   P-C Item Approved by Committee with Companion Resolution Pass Action details Not available                     Not available