Assembly Bill A6760

2011-2012 Legislative Session

Eliminates the twelve percent floor on the rate of interest payable on late payment of real property taxes and delinquencies

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Archive: Last Bill Status - In Assembly Committee

  • 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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2011-A6760 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Amd §924-a, RPT L
Versions Introduced in 2009-2010 Legislative Session:
A8759

2011-A6760 (ACTIVE) - Summary

Eliminates the twelve percent floor on the rate of interest payable on late payment of real property taxes and delinquencies; thus permits such rate to float in accordance with the mechanism for determining such rate, which mechanism incorporates a six percent floor.

2011-A6760 (ACTIVE) - Bill Text download pdf 

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

                                  6760

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                             March 28, 2011
                               ___________

Introduced  by  M.  of  A.  J. MILLER  --  read once and referred to the
  Committee on Real Property Taxation

AN ACT to amend the real property tax law, in relation to  the  rate  of
  interest on late payment of taxes and delinquencies

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 2 of section 924-a of  the  real  property  tax
law,  as  amended  by  chapter  355  of  the laws of 2003 and as further
amended by section 1 of part W of chpater 56 of the  laws  of  2010,  is
amended to read as follows:
  2.  The  rate  of interest applicable to the third calendar quarter of
each year, as set by the commissioner of taxation and  finance  pursuant
to  subparagraph  (A)  of paragraph two of subsection (j) of section six
hundred ninety-seven of the tax law,  shall  be  the  rate  of  interest
applicable  to  unpaid real property taxes for purposes of this section.
Such commissioner shall set such rate on or before the fifteenth day  of
July  in each year. Such rate shall be effective for all warrants issued
for a collection period commencing on or after the first day of  Septem-
ber  next  succeeding  the date the rate of interest is set.  [Provided,
however, the rate of interest prescribed by this subdivision shall in no
event be less than twelve per centum per annum.] The commissioner  shall
inform  each affected municipality of any change in the rate established
pursuant to this subdivision.
  S 2. This act shall take effect on the first of January next  succeed-
ing  the  date  on  which  it shall have become a law and shall apply to
interest chargeable or due on taxes or on  any  other  amounts,  or  any
portion  thereof,  which remain or become due on or after such effective
date.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08131-01-1

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