Posted on: January 24, 2019 03:50 PM

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One interesting bill the Mayor is not happy about

The Committee on Finance, chaired by Councilmember Daniel Dromm sponsored a new bill to allow low income New Yorkers earning $58,399 or less will be allowed a 10 year time frame with zero interest to pay off property taxes.

This is for one, two and three family homes in NYC where an owner must reside as proof. The current law is 3 years before unpaid property tax is sold as lien with interest to private companies which results in public auction of such homes.

A typical property tax is $5,000 per year and is $15,000 in three years with interest before sold off for collections.