Property Tax Alert: New York City

July 2005

Formerly, the threshold for quarterly payments of property taxes for commercial property was $40,000. However, the New York City Department of Finance has issued a memorandum that discusses recently enacted legislation regarding property tax installment payments. A uniform threshold of $80,00 assessed value for all classes of property now allows more owners of commercial property to pay property taxes in quarterly installments. Revised interest rates for delinquent taxes also are discussed.

Please contact Rash & Associates for more information.