A05488 Summary:

BILL NO    A05488 

SAME AS    No same as 

SPONSOR    Nojay (MS)

COSPNSR    Tenney, Borelli, 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.
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A05488 Memo:

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.
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A05488 Text:

                           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
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