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A05488 Text:

                STATE OF NEW YORK
                               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.
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