On June 25, 2020, the New York City (NYC) Council approved a bill to reduce the interest rate for late payments of certain NYC real estate taxes due on July 1, 2020. The Mayor is expected to sign the bill, which would subject certain properties to a lower interest rate for late payment if paid by October 15, 2020. If signed by the Mayor, the rate would be reduced from 18% to 7.5%. For more information on the bill and the two qualifying property categories, refer to our recent Client Alert.
If you have questions contact The Berdon Real Estate Practice at ContactUs@berdonllp.com or reach out to your Berdon advisor.
Wayne Berkowitz, a tax partner and co-leader of the State and Local Tax Group at Berdon LLP, advises on the unique requirements of governments and municipalities across the nation.