Bill Text: NY S00967 | 2023-2024 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relates to setting a minimum and maximum delinquent tax interest rate for payments due on residential real property.

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Engrossed) 2024-03-11 - AMENDED ON THIRD READING 967A [S00967 Detail]

Download: New_York-2023-S00967-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           967

                               2023-2024 Regular Sessions

                    IN SENATE

                                     January 9, 2023
                                       ___________

        Introduced  by  Sen.  RYAN  --  read twice and ordered printed, and when
          printed to be committed to the Committee on Local Government

        AN ACT to amend the real property tax law, in relation to delinquent tax
          interest rates

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  Subdivision  1  of section 924-a of the real property tax
     2  law, as amended by chapter 26 of the laws of 2003, is amended to read as
     3  follows:
     4    1. The amount of interest to be added on all taxes received after  the
     5  interest  free  period and all delinquent taxes shall be one-twelfth the
     6  rate of interest as determined pursuant to subdivision two or  two-a  of
     7  this section rounded to the nearest one-hundredth of a percentage point,
     8  except as otherwise provided by a general or special law, or a local law
     9  adopted by a city pursuant to the municipal home rule law or any special
    10  law.  Such  interest  shall  be added for each month or fraction thereof
    11  until such taxes are paid; provided however,  that  notwithstanding  any
    12  provision of general, special, or local law or resolution to the contra-
    13  ry,  beginning in all local fiscal years commencing in calendar year two
    14  thousand twenty-four and thereafter, in no case shall the interest  rate
    15  exceed  seven  and  one-half  per  centum  per  annum  of delinquent tax
    16  payments due on owner  occupied  residential  real  property  containing
    17  three or fewer dwelling units; and provided further that this limitation
    18  shall apply to units held in condominium form; and provided further that
    19  such  limitation  shall  apply to all buildings held in cooperative form
    20  regardless of owner occupancy status; and  provided  further  that  this
    21  limitation  shall  not  apply  to real property that is vacant and aban-
    22  doned, as defined in subdivision two of section  thirteen  hundred  nine
    23  of  the  real  property actions and proceedings law, which was listed on
    24  the statewide vacant and  abandoned  property  electronic  registry,  as
    25  defined in section thirteen hundred ten of the real property actions and

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04542-01-3
        S. 967                              2

     1  proceedings  law,  and remains on such registry.  This subdivision shall
     2  supersede any local tax act, code, law, rule, regulation,  ordinance  or
     3  resolution  setting an interest rate above seven and one-half per centum
     4  per  annum  of delinquent tax payments due on owner occupied residential
     5  real property containing three or fewer dwelling units.
     6    § 2.  This act shall take effect immediately.