BILL NO A05488
SAME AS No same as
SPONSOR Nojay (MS)
COSPNSR Tenney, Borelli, Corwin, Montesano, Friend
MLTSPNSR Arroyo, Hawley
Amd S722, RPT L
Provides that if an assessment is challenged and ultimately reduced, the
petitioner is entitled to interest on the refunded amount.
BILL NUMBER:A5488
TITLE OF BILL: An act to amend the real property tax law, in relation
to allowing for interest on the amount refunded after a reduced
assessment
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 is amended to add for a challenged and reduced assessment,
the petitioner is entitled to interest on the refunded amount at an
interest rate equal to the interest rate charged by the refunding
party for late payment of real property taxes.
JUSTIFICATION:
This bill would require refunds resulting from improper real property
tax over assessments that include interest paid at the same rate
charged to homeowners when they improperly delay payment of their real
property taxes.
PRIOR LEGISLATIVE HISTORY:
06/04/13 held for consideration in real property taxation
01/08/14 referred to real property taxation
2012/2013 - A.8140
EFFECTIVE DATE:
This act shall take effect immediately.
S T A T E O F N E W Y O R K
________________________________________________________________________
5488
2015-2016 Regular Sessions
I N A S S E M B L Y
February 24, 2015
___________
Introduced by M. of A. NOJAY, TENNEY, BORELLI, CORWIN, MONTESANO --
Multi-Sponsored by -- M. of A. ARROYO, HAWLEY -- 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.
LBD07812-01-5
