12/12/12

Council Passes Property Tax Relief Bill

According to a press release from City Council Member Vinnie Gentile, the Council has passed a bill that, if signed by Mayor Michael Bloomberg, would grant a three-month interest-free property tax extension to owners of red-tagged properties across the city.

The bill would apply to about 3,000 properties determined uninhabitable by the city Department of Buildings and due to be demolished.

Postponing property tax payments averaging around $500 from January 1, 2013 to April 1 would at least give owners more time to collect insurance payments.

Gentile said he and his fellow Council Members would seek to expand the extension to include other homes and businesses, as well as seeking rebates and post-Sandy re-assessments.

The Internal Revenue Service has announced additional tax relief to affected individuals and businesses.

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