Bill Text: NY A08140 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides that if an assessment is challenged and ultimately reduced, the petitioner is entitled to interest on the refunded amount.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced - Dead) 2012-01-04 - referred to real property taxation [A08140 Detail]

Download: New_York-2011-A08140-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         8140
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                     June 2, 2011
                                      ___________
       Introduced  by M. of A. HANNA -- read once and referred to the Committee
         on Real Property Taxation
       AN ACT to amend the real property tax law, in relation to  allowing  for
         interest on the amount refunded after a reduced assessment
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 722 of the real property  tax  law  is  amended  by
    2  adding a new subdivision 3 to read as follows:
    3    3.  IF  AN  ASSESSMENT IS CHALLENGED AND ULTIMATELY REDUCED, THE PETI-
    4  TIONER SHALL BE ENTITLED TO INTEREST ON ANY AMOUNT REFUNDED AT AN ANNUAL
    5  INTEREST RATE EQUAL TO THAT CHARGED  BY  THE  REFUNDING  UNIT  FOR  LATE
    6  PAYMENT OF REAL PROPERTY TAXES.
    7    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11768-01-1