The City Council voted 5–0 on Nov. 5, 2025, to approve Local Law No. 9 of 2025, which repeals the charter provision that allowed a 2.25% discount for the payment of quarterly city and county taxes on or before March 1. Finance staff told the council the discount cost translates into roughly $280,000–$375,000 in foregone property‑tax revenue and said eliminating it would move additional revenue toward bringing the city closer to a structurally balanced FY2026 budget.

During the public hearing and follow‑up discussion, residents asked whether the proposed change would 'reserve' the discount (leaving discretion) or repeal it entirely. Finance staff clarified the proposed change repeals the discount in its entirety; the council confirmed it could later pass a separate local law to restore a discount if desired. A motion to approve Local Law No. 9 passed unanimously.

Why it matters: the prepayment discount had been a local charter benefit for taxpayers who pay early; removing it is a recurring revenue action the council is using to address the structural budget gap.

Next steps: the enacted local law will be filed in accordance with municipal procedures; finance staff will incorporate the additional revenue in the amended budget.