Photo Credit: Global Diaspora News (www.GlobalDiasporaNews.com).
Brooklyn Borough President Eric Adams has called on Mayor Bill de Blasio to extend the city’s quarterly property tax deadline due to COVID-19.
This comes on the heels of Adams’ previous calls to the administration to put in place a moratorium on rent, mortgage and utility payments for residential and commercial properties in the wake of the economic crisis caused by the 2019 Novel Coronavirus (COVID-19) pandemic in New York City and specifically in Brooklyn.
“This crisis is hitting everyday New Yorkers hard and we must take extraordinary measures to provide economic relief to residents to ensure we can weather these dual crises – the city’s health and the city’s economic health,” said Brooklyn Borough President Eric Adams. “Every day we are waking up faced with hard decisions to make – but this is not one of them. This is simple: extend the city’s quarterly property tax deadline to June 1st. It would be a cruel April Fool’s Day joke to ask struggling New Yorkers to meet this looming deadline in the face of such uncertainty.”
The City’s quarterly property tax deadline is scheduled for April 1, 2020, and is instituted traditionally to ensure New York City maintains a balanced budget. According to the Citizens Budget Commission (CBC), in Fiscal Year 2020 (FY20), the City’s property tax would generate nearly $30 billion, or 32% of all revenues.
Moving the deadline to June 1, 2020, would ensure that the revenue would still be collected during FY20, but would provide a financial cushion to renters and property owners who are continuing to navigate this crisis.
While the New York City Department of Finance yesterday announced programs intended to provide for some relief for property owners, the need to push back the deadline remains a critical one. Homeowners still need time to sort out their finances amid very uncertain economic times. Extending the deadline to June 1st will provide the time for homeowners to learn about these programs. They include exemption programs to lower the amount of taxes owed, standard payment plan options as well as the new Property Tax and Interest Deferral (PT AID) program.
More information about these programs can be found by going to www.nyc.gov/finance.
Source of original article: Black Star News (www.blackstarnews.com).
The content of this article does not necessarily reflect the views or opinion of Global Diaspora News (www.GlobalDiasporaNews.com).
Sign up to Global Diaspora News newsletter (https://www.GlobalDiasporaNews.com/newsletter/) to start receiving updates and opportunities directly in your email inbox for free.