The Daily News reports that two AVI bills have passed through committee and are expected to be passed by the full Council.
The first bill sets the property tax rate at 1.34%, including a $30,000 Homestead Exemption, and some form of Gentrification Protection (tax cap) for long-term residents.
Comment: The Mayor had proposed 1.32%. The slightly higher 1.34% rate is because Council has made the Homestead Exemption $30,000 as opposed to the Mayor’s proposed $15,000. In addition, parts of the Gentrification Protection provision are still awaiting passage of enabling legislation at the State level.
The second bill allows homeowners to defer property tax amounts over 2.5 times the current (pre-AVI) tax bill.
Comment: This is not a bad idea, but would only help those whose taxes increase by more than 150%, and who can still afford to pay the 150% increase immediately. The best protection mechanism for most heavily impacted homeowners in our community remains Gentrification Protection.