BILL NO A05488
SAME AS No Same as
COSPNSR Tenney, Corwin, Montesano, Friend, DiPietro
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.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A5488
SPONSOR: Nojay (MS)
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 assess-
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.
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
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
This act shall take effect immediately.
STATE OF NEW YORK
2015-2016 Regular Sessions
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 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 is old law to be omitted.