STATE OF NEW YORK
________________________________________________________________________
967--A
Cal. No. 85
2023-2024 Regular Sessions
IN SENATE
January 9, 2023
___________
Introduced by Sen. RYAN -- read twice and ordered printed, and when
printed to be committed to the Committee on Local Government -- recom-
mitted to the Committee on Local Government in accordance with Senate
Rule 6, sec. 8 -- reported favorably from said committee, ordered to
first and second report, ordered to a third reading, amended and
ordered reprinted, retaining its place in the order of third reading
AN ACT to amend the real property tax law, in relation to delinquent tax
interest rates
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 1 of section 924-a of the real property tax
2 law, as amended by chapter 26 of the laws of 2003, is amended to read as
3 follows:
4 1. The amount of interest to be added on all taxes received after the
5 interest free period and all delinquent taxes shall be one-twelfth the
6 rate of interest as determined pursuant to subdivision two or two-a of
7 this section rounded to the nearest one-hundredth of a percentage point,
8 except as otherwise provided by a general or special law, or a local law
9 adopted by a city pursuant to the municipal home rule law or any special
10 law. Such interest shall be added for each month or fraction thereof
11 until such taxes are paid; provided however, that notwithstanding any
12 provision of general, special, or local law or resolution to the contra-
13 ry, beginning in all local fiscal years commencing in calendar year two
14 thousand twenty-five and thereafter, in no case shall the interest rate
15 of delinquent tax payments due on residential real property exceed the
16 prime interest rate, as determined by the commissioner, provided that in
17 no instance shall the interest rate subceed two per centum per annum or
18 exceed sixteen per centum per annum; and provided further that this
19 limitation shall apply to units held in condominium form; and provided
20 further that such limitation shall apply to all buildings held in coop-
21 erative form regardless of owner occupancy status; and provided further
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD04542-04-4
S. 967--A 2
1 that this limitation shall not apply to real property that is vacant and
2 abandoned, as defined in subdivision two of section thirteen hundred
3 nine of the real property actions and proceedings law, which was listed
4 on the statewide vacant and abandoned property electronic registry, as
5 defined in section thirteen hundred ten of the real property actions and
6 proceedings law, and remains on such registry. This subdivision shall
7 supersede any local tax act, code, law, rule, regulation, ordinance or
8 resolution setting an interest rate above sixteen per centum per annum
9 of delinquent tax payments due on residential real property. The
10 initial determination of the effective prime interest rate shall be
11 based on the two thousand twenty-five rate. Subsequent determinations
12 shall be made every five years thereafter.
13 § 2. This act shall take effect immediately.
