Mayor Signs Tax Relief and Airbnb Reporting Bills
By Rebecca Baird-Remba July 7, 2020 8:38 pm
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Mayor Bill de Blasio signed a trio of bills today that will require Airbnb to release data to the city and offer some tax relief to homeowners and small building owners who were financially impacted by COVID-19.
The two property tax bills allow a six-month reprieve on property taxes for certain building and condo owners, as The Real Deal noted. A bill sponsored by Public Advocate Jumaane Williams waives interest on late property tax payments for owners of condos assessed at $250,000 or less who can demonstrate that they suffered financial hardship because of COVID-19. The owner must also earn $150,000 or less annually.
Another bill, sponsored by Council Member Margaret Chin, lowered interest rates on late tax payments for a small category of multifamily buildings. For a building assessed between $250,000 and $750,000, property owners are eligible for a 7.5 interest rate on late payments if they can prove COVID-related financial hardship, at least half the building is rent-regulated, and it contains no more than 30 units. Typically, owners with property assessed at more than $250,000 pay an 18 percent interest rate on late property tax payments.
Separately, a third bill signed today will also require Airbnb and other short-term rental platforms to report transactions for stays of less than 30 days to the Mayor’s Office of Special Enforcement. As part of a settlement agreement hammered out between the city and Airbnb last month, the home-sharing giant will also furnish hosts’ names, addresses and phone numbers.
