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Council backs local law raising single-payment tax threshold from $6,000 to $8,000; city estimates modest lost interest
Summary
The council held a public hearing and approved a local law to raise the threshold that requires a single lump-sum tax payment from $6,000 to $8,000, reducing the number of residents subject to the single-payment rule; the controller estimated the lost interest revenue at about $40,000 annually.
The council held a public hearing and approved a proposed local law changing how city property taxes are collected. Under current language, taxpayers whose city portion of the tax bill exceeds $6,000 must pay in one lump sum. The proposed change raises that threshold to $8,000, allowing more taxpayers to split…
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