A05488 Summary:
| BILL NO | A05488 |
| SAME AS | No Same As |
| SPONSOR | Nojay |
| 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. | |
A05488 Memo:
Go to topNEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
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.
A05488 Text:
Go to topSTATE 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