"The Second bill before me today is Introductory Number 909, sponsored at the request of the Administration by Council Members Weprin, Jackson, Comrie, Dickens and Stewart.

"Introductory Number 909 provides a grace period for payment of real property taxes for properties with an assessed value of over $250,000.  The need to rescind the temporary property tax cut last month required recalculation of the real property tax installment that was due and payable on January 1st.  The enactment of such property tax legislation, Local Law 66 of 2008, provided little time for the City to mail out Statements of Account with the amount of the January installment prior to the payable due date, nor did it provide a grace period for payment of this installment without interest for properties with an assessed value of over $250,000.

"Introductory Number 909 is intended to allow owners of these properties a fair period to pay the installment in a timely manner after the City mails the Statements of Account.

"I would like to thank Finance Commissioner Martha Stark and her staff for their expedient work on this bill and the City Council for passing this necessary piece of legislation."