Real Property Tax News

June 2014 Newsletter

2014/2015 CLASS TAX RATES AND BILLING

The Commissioner of Finance has issued first half and first quarter 2014/2015 real property tax bills based upon the final average 2013/2014 Class tax rates. These tax rates are as follows:

Tax Class First HalfTax Rate
One 19.1910
Two 13.1450
Three 11.9020
Four 10.3230

SANDY ABATEMENT

The Governor signed Assembly bill 9578 into law as Chapter 25 of the Laws of 2014. This legislation authorizes the passage of a Local Law that would implement the abatement of increases in real property taxes in those instances in which the value of improvements on the two thousand twelve assessment roll was decreased in 2013 and then subsequently increased on the assessment roll published or about January 15, 2014.

The abatement will be automatically granted by the New York City Department of Finance and no application form will have to be submitted in order to obtain the benefits of this one-time, one year abatement.

A copy of the State Legislation can be found under Government Reports and Press Releases.

ICAP

The Governor has signed legislation (A. 8559-D) into law extending the Industrial and Commercial Abatement Program through March 1, 2017.