Senate Bill S967

2023-2024 Legislative Session

Relates to delinquent tax interest rates

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Sponsored By

Current Bill Status - Passed Senate & Assembly


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

2023-S967 - Details

See Assembly Version of this Bill:
A1489
Law Section:
Real Property Tax Law
Laws Affected:
Amd §924-a, RPT L
Versions Introduced in 2021-2022 Legislative Session:
S6310, A7776

2023-S967 - Summary

Relates to setting a minimum and maximum delinquent tax interest rate for payments due on residential real property.

2023-S967 - Sponsor Memo

2023-S967 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    967
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              January 9, 2023
                                ___________
 
 Introduced  by  Sen.  RYAN  --  read twice and ordered printed, and when
   printed to be committed to the Committee on Local Government
 
 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:

   Section  1.  Subdivision  1  of section 924-a of the real property tax
 law, as amended by chapter 26 of the laws of 2003, is amended to read as
 follows:
   1. The amount of interest to be added on all taxes received after  the
 interest  free  period and all delinquent taxes shall be one-twelfth the
 rate of interest as determined pursuant to subdivision two or  two-a  of
 this section rounded to the nearest one-hundredth of a percentage point,
 except as otherwise provided by a general or special law, or a local law
 adopted by a city pursuant to the municipal home rule law or any special
 law.  Such  interest  shall  be added for each month or fraction thereof
 until such taxes are paid; PROVIDED HOWEVER,  THAT  NOTWITHSTANDING  ANY
 PROVISION OF GENERAL, SPECIAL, OR LOCAL LAW OR RESOLUTION TO THE CONTRA-
 RY,  BEGINNING IN ALL LOCAL FISCAL YEARS COMMENCING IN CALENDAR YEAR TWO
 THOUSAND TWENTY-FOUR AND THEREAFTER, IN NO CASE SHALL THE INTEREST  RATE
 EXCEED  SEVEN  AND  ONE-HALF  PER  CENTUM  PER  ANNUM  OF DELINQUENT TAX
 PAYMENTS DUE ON OWNER  OCCUPIED  RESIDENTIAL  REAL  PROPERTY  CONTAINING
 THREE OR FEWER DWELLING UNITS; AND PROVIDED FURTHER THAT THIS LIMITATION
 SHALL APPLY TO UNITS HELD IN CONDOMINIUM FORM; AND PROVIDED FURTHER THAT
 SUCH  LIMITATION  SHALL  APPLY TO ALL BUILDINGS HELD IN COOPERATIVE FORM
 REGARDLESS OF OWNER OCCUPANCY STATUS; AND  PROVIDED  FURTHER  THAT  THIS
 LIMITATION  SHALL  NOT  APPLY  TO REAL PROPERTY THAT IS VACANT AND ABAN-
 DONED, AS DEFINED IN SUBDIVISION TWO OF SECTION  THIRTEEN  HUNDRED  NINE
 OF  THE  REAL  PROPERTY ACTIONS AND PROCEEDINGS LAW, WHICH WAS LISTED ON
 THE STATEWIDE VACANT AND  ABANDONED  PROPERTY  ELECTRONIC  REGISTRY,  AS
 DEFINED IN SECTION THIRTEEN HUNDRED TEN OF THE REAL PROPERTY ACTIONS AND
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04542-01-3
              

co-Sponsors

2023-S967A (ACTIVE) - Details

See Assembly Version of this Bill:
A1489
Law Section:
Real Property Tax Law
Laws Affected:
Amd §924-a, RPT L
Versions Introduced in 2021-2022 Legislative Session:
S6310, A7776

2023-S967A (ACTIVE) - Summary

Relates to setting a minimum and maximum delinquent tax interest rate for payments due on residential real property.

2023-S967A (ACTIVE) - Sponsor Memo

2023-S967A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  967--A
     Cal. No. 85
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              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:
 
   Section 1. Subdivision 1 of section 924-a of  the  real  property  tax
 law, as amended by chapter 26 of the laws of 2003, is amended to read as
 follows:
   1.  The amount of interest to be added on all taxes received after the
 interest free period and all delinquent taxes shall be  one-twelfth  the
 rate  of  interest as determined pursuant to subdivision two or two-a of
 this section rounded to the nearest one-hundredth of a percentage point,
 except as otherwise provided by a general or special law, or a local law
 adopted by a city pursuant to the municipal home rule law or any special
 law. Such interest shall be added for each  month  or  fraction  thereof
 until  such  taxes  are paid; PROVIDED HOWEVER, THAT NOTWITHSTANDING ANY
 PROVISION OF GENERAL, SPECIAL, OR LOCAL LAW OR RESOLUTION TO THE CONTRA-
 RY, BEGINNING IN ALL LOCAL FISCAL YEARS COMMENCING IN CALENDAR YEAR  TWO
 THOUSAND  TWENTY-FIVE AND THEREAFTER, IN NO CASE SHALL THE INTEREST RATE
 OF DELINQUENT TAX PAYMENTS DUE ON RESIDENTIAL REAL PROPERTY  EXCEED  THE
 PRIME INTEREST RATE, AS DETERMINED BY THE COMMISSIONER, PROVIDED THAT IN
 NO  INSTANCE SHALL THE INTEREST RATE SUBCEED TWO PER CENTUM PER ANNUM OR
 EXCEED SIXTEEN PER CENTUM PER ANNUM;  AND  PROVIDED  FURTHER  THAT  THIS
 LIMITATION  SHALL  APPLY TO UNITS HELD IN CONDOMINIUM FORM; AND PROVIDED
 FURTHER THAT SUCH LIMITATION SHALL APPLY TO ALL BUILDINGS HELD IN  COOP-
 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.
              

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