LEGAL CORNER: NYC Passes the FARE Act and Restricts the Payment of Commissions by Tenants
The real estate industry has expressed concerns regarding the potential repercussions of the FARE Act.
WHITE PLAINS—Westchester County Executive George Latimer received permission from Gov. Andrew Cuomo on April 21 to go forward with his plan to remove late fees for certain county residents and business for the late payment of their property taxes per the governor’s Executive Order No. 202.22.
Latimer said: “I want to thank Gov. Cuomo for recognizing the need to help Westchester residents and businesses. I am concerned about the financial pressures that the residents of this county are under. We can, we should—and now, we are—offering them some financial relief by waiving the late payments for the county taxes now due. This is the right thing to do for our constituents.”
To provide assistance to the cities and towns that collect these taxes, the Executive Order allows for the County Executive to accept less than 60% of the taxes (along with special ad valorem levies and special assessments) due on May 25 from towns and cities, as long as the municipalities waive residents’ late fees for the late payment of property taxes up to July 15, 2020.
To have the fee waived, the resident or business must certify economic hardship caused by COVID-19. The threshold for the certification requires in part that a resident must have qualified for the STAR exemption, is not paying property taxes through an escrow account and can assert that they have suffered loss of substantial employment income as a result of COVID-19.
Business Council of Westchester Vice President and COO John Ravitz said, “The Business Council of Westchester applauds the County Executive and the governor for adopting this Executive Order, which will send a strong message, to the residents and the business community in the county, that they will have some well-deserved breathing room regarding their payments of county taxes. This was simply the right thing to do, as businesses continue to navigate through this crisis.”
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