Bill Text: NY S01482 | 2023-2024 | General Assembly | Introduced

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Bill Title: Relates to establishing an interest suspension and installment plan for rental properties during a declared emergency.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2024-01-03 - REFERRED TO LOCAL GOVERNMENT [S01482 Detail]

Download: New_York-2023-S01482-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1482

                               2023-2024 Regular Sessions

                    IN SENATE

                                    January 12, 2023
                                       ___________

        Introduced  by  Sen.  ORTT  --  read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government

        AN ACT to amend the real property tax law and the administrative code of
          the city of New York, in relation to establishing an interest  suspen-
          sion  and  installment  plan  for  rental properties during a declared
          emergency

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  The  real  property  tax  law  is amended by adding a new
     2  section 925-f to read as follows:
     3    § 925-f. Interest suspension and installment plan for  rental  proper-
     4  ties  during  a  declared emergency. 1. Notwithstanding any provision of
     5  law to the contrary, a municipal corporation shall provide  to  property
     6  owners  the  ability  to  pay  their  property taxes without interest or
     7  penalty in twelve monthly installments from the  tax  lien  day  of  the
     8  covered  period  if  they have been financially harmed due to a declared
     9  emergency.
    10    2. If  a  municipal  corporation  has  received  unrestricted  federal
    11  assistance  in  response  to  revenue  shortfalls caused by the economic
    12  impacts of the COVID-19 pandemic after July first, two thousand  twenty,
    13  that  municipal corporation shall provide to property owners the ability
    14  to have their property tax obligation be calculated by  multiplying  the
    15  tax  lien  by a percentage equal to the amount of rent actually received
    16  during the previous twelve months from occupied  rental  units  in  such
    17  property  relative  to  the total rent that should have been received in
    18  rent during that time from occupied rental units in such property.
    19    3. A municipal corporation shall provide a temporary status  with  the
    20  full  provisions  of  this  section  to a property owner who applies for
    21  relief until it can be determined  that  they  are  eligible  under  the
    22  parameters  provided under this section. If a property owner is found to
    23  not be eligible, full payment of the tax obligation  shall  be  provided

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04988-01-3
        S. 1482                             2

     1  within  seven business days or otherwise be subjected to any interest or
     2  penalty fees.
     3    4.  For  purposes  of  this  section,  the following definitions shall
     4  apply:
     5    a. "property" shall include residential premises in which at least one
     6  unit within the dwelling is either rented, leased, let or hired  out  to
     7  be occupied or is occupied as the residence or home.
     8    b.  "property  owner"  shall  mean the owner of property as defined in
     9  paragraph a of this subdivision.
    10    c. "covered period" shall include tax lien days between  April  first,
    11  two thousand twenty and May thirty-first, two thousand twenty-four.
    12    d.  "financially  harmed"  shall  mean  such  property  owner  has not
    13  received the full rent owed to him or  her  during  the  covered  period
    14  because  a  tenant of that property has had his or her income negatively
    15  affected due to (i) government restrictions on their  employment  issued
    16  in executive order number two hundred two of two thousand twenty or (ii)
    17  tangible economic effects of COVID-19.
    18    e.  "declared  emergency"  shall  refer  to executive order number two
    19  hundred two of two thousand twenty and all subsequent  executive  orders
    20  in response to COVID-19.
    21    §  2.  The  administrative  code of the city of New York is amended by
    22  adding a new section 11-240.3 to read as follows:
    23    § 11-240.3 Relief for rent regulated apartments due  to  the  COVID-19
    24  pandemic.   1. Notwithstanding any provision of law to the contrary, any
    25  real property shall have its property tax obligation for  tax  year  two
    26  thousand  twenty-two--two thousand twenty-three be consistent and in the
    27  same manner as its obligation for  tax  year  two  thousand  twenty--two
    28  thousand  twenty-one,  and  further  provided that the property tax lien
    29  date for tax year two  thousand  twenty-two--two  thousand  twenty-three
    30  shall not be before October first, two thousand twenty-two.
    31    2.  For  purposes of this section, "real property" shall refer to real
    32  property subject to rent regulation under  the  emergency  housing  rent
    33  control law or the emergency tenant protection act that is also eligible
    34  for  relief  provided  in section nine hundred twenty-five-f of the real
    35  property tax law.
    36    § 3. This act take effect immediately.