Bill Text: NY A07776 | 2021-2022 | General Assembly | Amended

---

Bill Title: Relates to setting a maximum delinquent tax interest rate for payments due on owner occupied residential real property containing three or fewer dwelling units of seven and one half percent per annum.

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2022-01-05 - referred to real property taxation [A07776 Detail]

Download: New_York-2021-A07776-Amended.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                         7776--A

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                      May 21, 2021
                                       ___________

        Introduced  by  M.  of  A.  THIELE,  McMAHON,  SOLAGES  -- read once and
          referred to the Committee  on  Real  Property  Taxation  --  committee
          discharged, bill amended, ordered reprinted as amended and recommitted
          to said committee

        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-two  and thereafter, in no case shall the interest rate
    15  exceed seven and  one-half  per  centum  per  annum  of  delinquent  tax
    16  payments  due  on  owner  occupied  residential real property containing
    17  three or fewer dwelling units; and provided further that this limitation
    18  shall apply to units held in condominium form; and provided further that
    19  such limitation shall apply to all buildings held  in  cooperative  form
    20  regardless  of  owner  occupancy  status; and provided further that this
    21  limitation shall not apply to real property that  is  vacant  and  aban-
    22  doned,  as  defined  in subdivision two of section thirteen hundred nine
    23  of the real property actions and proceedings law, which  was  listed  on

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD10949-05-1
        A. 7776--A                          2

     1  the  statewide  vacant  and  abandoned  property electronic registry, as
     2  defined in section thirteen hundred ten of the real property actions and
     3  proceedings law, and remains on such registry.   This subdivision  shall
     4  supersede  any  local tax act, code, law, rule, regulation, ordinance or
     5  resolution setting an interest rate above seven and one-half per  centum
     6  per  annum  of delinquent tax payments due on owner occupied residential
     7  real property containing three or fewer dwelling units.
     8    § 2.  This act shall take effect immediately.