S T A T E   O F   N E W   Y O R K
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                                  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.
              

                                                            LBD04542-04-4
 S. 967--A                           2
 
 THAT THIS LIMITATION SHALL NOT APPLY TO REAL PROPERTY THAT IS VACANT AND
 ABANDONED, 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
 PROCEEDINGS LAW, AND REMAINS ON SUCH REGISTRY.   THIS SUBDIVISION  SHALL
 SUPERSEDE  ANY  LOCAL TAX ACT, CODE, LAW, RULE, REGULATION, ORDINANCE OR
 RESOLUTION SETTING AN INTEREST RATE ABOVE SIXTEEN PER CENTUM  PER  ANNUM
 OF  DELINQUENT  TAX  PAYMENTS  DUE  ON  RESIDENTIAL REAL PROPERTY.   THE
 INITIAL DETERMINATION OF THE EFFECTIVE  PRIME  INTEREST  RATE  SHALL  BE
 BASED  ON  THE  TWO THOUSAND TWENTY-FIVE RATE. SUBSEQUENT DETERMINATIONS
 SHALL BE MADE EVERY FIVE YEARS THEREAFTER.
   § 2.  This act shall take effect immediately.