A05488 Summary:

BILL NOA05488
 
SAME ASNo Same As
 
SPONSORNojay
 
COSPNSRTenney, Corwin, Montesano, Friend, DiPietro
 
MLTSPNSRArroyo, 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.
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A05488 Memo:

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- ment   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.
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A05488 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          5488
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                    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.
                                                                   LBD07812-01-5
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