Bill Text: NY S06310 | 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 4-0)
Status: (Engrossed - Dead) 2022-01-05 - REFERRED TO LOCAL GOVERNMENT [S06310 Detail]
Download: New_York-2021-S06310-Amended.html
STATE OF NEW YORK ________________________________________________________________________ 6310--B 2021-2022 Regular Sessions IN SENATE April 21, 2021 ___________ Introduced by Sens. RYAN, GOUNARDES, MANNION, REICHLIN-MELNICK -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- reported favorably from said committee and committed to the Committee on Finance -- 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 EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10949-04-1S. 6310--B 2 1 limitation shall not apply to real property that is vacant and aban- 2 doned, as defined in subdivision two of section thirteen hundred nine 3 of the real property actions and proceedings law, which was listed on 4 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 seven and one-half per centum 9 per annum of delinquent tax payments due on owner occupied residential 10 real property containing three or fewer dwelling units. 11 § 2. This act shall take effect immediately.
