Int. No. 1143-A
By Council Members Dromm, Yeger, Powers, Chin, King, Holden, Levin, Barron and Miller (by request of the Mayor)
Title
A Local Law to amend the administrative code of the city of New York, in relation to installment agreements for the payment of real property taxes, assessments and other charges
Body
Be it enacted by the Council as follows:
Section 1. Chapter 3 of title 11 of the administrative code of the city of New York is amended by adding a new section 11-322.1 to read as follows:
? 11-322.1 Hardship installment agreements. a. Definitions. For purposes of this section, the following terms have the following meanings:
Applicant. The term "applicant" means a property owner who files an application for an installment agreement under this section. Such term includes a property owner who has entered into an installment agreement after filing such an application.
Default. The term "default" means that an installment payment required under the installment agreement entered into under this section remains unpaid in whole or in part for six months from the date payment is required to be made, or any other tax or charge that becomes due on the property during the term of such agreement remains unpaid in whole or in part for six months.
Department. The term "department" means the department of finance.
Dwelling unit. The term "dwelling unit" means a unit in a condominium used primarily for residential purposes.
Fair market value. The term "fair market value" means the fair market value of property as determined by the department or the fair market value as determined by an appraisal obtained by the applicant pursuant to paragraph 4 of subdivision g of this section, provided that such appraisal shall be subject to review, and may be rejected, by the department.
Income. The term "income" means the adjusted gross income for federal income tax purposes as reported on an applicant's federal or state inco...
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