Relates to filing an application for an industrial and commercial real property tax abatement for certain property

Title of bill

An act relating to authorizing the department of finance of the city of New York to accept a final application for a tax abatement for certain industrial and commercial property; and providing for the repeal of such provisions upon expiration thereof

PURPOSE OR GENERAL IDEA OF BILL

This bill would authorize the department of finance of the city of New York to accept a retroactive filing under the ICAP program, where, through no fault of the property owner, all the required filings under the ICAP program were not timely made.

Summary of specific provisions

This bill would authorize the department of finance of the city of New York to accept from 85 Flatbush LLC, a final application, required by subparagraph (ii) of paragraph (a) of subdivision 5 section 489-cccccc of the real property tax law for abatement of real property taxes pursuant to title 2-F of article 4 of the real property tax law, as if it were timely filed for the parcel owned by such entity which is located at 85 Flatbush Avenue Extension, county of Kings, otherwise known as Kings county tax map section 3, block 120, lot 45.

This bill would further provide that if accepted, the application shall be reviewed as if it had been received on or before the applicable filing deadline established for such application. If satisfied that such entity would otherwise be entitled to such abatement if the entity had filed an application for abatement by the appropriate final application date, this bill would further authorize the department to approve the application.

This bill would additionally provide, that if such abatement is granted, and such entity have paid any taxes with respect to years during which the abatement is being sought, then the department may, in its sole discretion, provide for the refund of those taxes paid and cancel those taxes, fines, penalties, liens or interest remaining unpaid.

Justification

This bill would provide for a filing forgiveness under the ICAP program, where, through no fault of the property owner, all the required filings under the ICAP program were not timely made. The property in question was subject to a mortgage foreclosure and death of the previous owner, preventing the subsequent owner, through no fault of their own, from the ability to legally satisfy all the ICAP filing deadlines due to program changes and the passage of time. This bill would authorize, in the interest of justice and fairness, the ability of the new property owner, with a parcel that otherwise fully satisfies all the other requirements of ICAP, to have one of the filings that was unable to be accepted, to be filed retroactively.

Prior legislative history

This is a new bill

Fiscal implications

None Noted

Effective date

This act shall take effect immediately; provided, however, that this act shall expire and be deemed repealed on July 1,2017.